Yes, Bitcoin (BTC) Whales Are In, a $100.3 Million Buy Order is Just the Beginning

Dalmas Ngetich

Last Updated: June 11, 2024 9:14 pm

2 mins read

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Bitcoin price up 26 percent
Surge because of a 20,000 BTC single buy order

The crypto market is raving, posting double-digit gains and poised for more thanks to a $100 million, single buy order trigger identified by blockchain sleuths. Because of favorable candlestick arrangement, Bitcoin is likely to edge higher but may first correct to $4,500—700 zone before trend continuation.

Bitcoin Price Analysis

Fundamentals

Good news is Bitcoin (BTC) is up 26 percent in the last week, hauling periphery altcoins. Thus far, it is an impressive performance and despite all the skepticism around the source of this “pump,” technical as well as fundamental factors are supportive of BTC buyers.

While it is likely that yesterday’s and today’s rally could cause an over-extension forcing a correction, there is an opportunity for traders. There are more than two reasons why BTC and the crypto market could inch higher in days ahead.

Apart from politics around Brexit, there is infrastructure development and improving education that is gradually changing the narrative around Bitcoin and crypto in general. A major takeaway in all this is the entry of the so-called “whales.”

According to Reuters, yesterday’s surge was a result of “a single order that has been algorithmically-managed across these three venues, of around 20,000 BTC” as noted by Oliver von Landsberg-Sadie, chief executive of cryptocurrency firm BCB Group. Oliver goes on to say that “If you look at the volumes on each of those three exchanges – there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.” If anything, this is a tell-tale sign that there is improving market confidence and something “huge” is on the cards a few days after CBoE delisted their XBT Futures.

Candlestick Arrangement

For a better perspective, we shall have a look at the weekly chart. Already, BTC bulls are in control, up 26 percent as aforementioned. However, it is the pace that is interesting. Visibly, volumes are up driving prices.

As a result of this, Bitcoin prices for the second time this year are firm above the 5-month resistance trend line in line with our previous BTC/USD trade plan. Therefore, to sync with this shift of trend, traders should fine-tune entries in smaller time frames—preferably not at spot rates as prices are pretty unstable, but at around the 61.8 to 38.2 percent Fibonacci retracement levels of this week’s high-low and aim for $5,800–$6,000 zone.

Technical Indicators

Compared to last week, Bitcoin volumes have doubled revealing demand. Since all our trading conditions are valid and there is participation, traders should search for long entries.

Chart courtesy of Trading View

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.