Since last week, the cryptocurrency market has witnessed heightened volatility as Bitcoin price relentlessly attempts to sustain above $100,000. The asset struggling to make a firm hold above this psychology level has stalled recovery momentum in altcoin. However, the crypto whales remain resilient and continue to accumulate BTC, with their confidence for a higher rally.
Currently, the. BTC price trades at $97,400 with an intraday loss of 3.75%. According to CoinGecko Data, the pioneer digital asset holds a market cap of $1.92 Trillion, while the 24-hour train volume is at $147.2 Billion.
Key Highlights:
- The oversold indicator ADX hints at potential consolidation before Bitcoin price takes the next leap.
- The high wick rejection candles at $100k signal overhead supply.
- The fast-moving 20-day exponential moving average slope could offer suitable pullback support to drive a sustained rally.
Bitcoin Whale Activity Intensifies Amid Market Consolidation
In a notable transaction flagged by Lookonchain, a Bitcoin whale has created a new wallet and transferred 1,850 BTC, equivalent to $183.37 million, from Binance within the past hour.
The transfer underscores the growing activity among high-value investors amid ongoing market fluctuations. Historically, such accumulation has coincided with a major trend reversal and for continuation of the prevailing uptrend.
A whale created a new wallet and withdrew 1,850 $BTC($183.37M) from #Binance about an hour ago.https://t.co/ZHhmex78st pic.twitter.com/FC1LwkVNbV
— Lookonchain (@lookonchain) December 9, 2024
Bitcoin Price Poised for Breakout Rally to $120k
Over the past two weeks, the Bitcoin price has traded sideways, struggling to sustain above $100k. This aforementioned value is a crucial psychological level for the crypto market to demonstrate the growth potential of digital assets.
However, the momentum indicator ADX (Average directional index) surged to 44% and the BTC price already witnessed a significant recovery in a short period. Thus, the asset price could need temporary consolidation around $100k to recuperate the bullish momentum.
A successful slip above the overhead trendline could provide buyers with suitable support to drive higher rally.
BTC/USD -1d ChartAccording to the Pivot levels, the post-breakout rally could chase potential targets of $108,785 and $120,000.
