A savvy Bitcoin whale with a trading track record has purchased Bitcoin again, according to on-chain data tracker Lookonchain. The investor purchased 6,070 BTC worth around $395 million amid the market downturn, marking their first Bitcoin acquisition in 1.5 years.
Furthermore, Lookonchain observed that during the 2022 bear market, the whale amassed around 41,000 BTC with an average pricing basis of $19,000 per Bitcoin. With great timing, they then sold 37,000 BTC at an average sale price of $46,800 during the 2023-2024 bull run, pocketing more than $1 billion.
This shrewd investor has consistently demonstrated an ability to accumulate Bitcoin at market bottoms and distribute at tops, capitalizing on the crypto’s volatility through strategic entries and exits.
Besides, crypto analyst VeLLaCryptoX highlighted a critical pivot point for Bitcoin at $67,400, referring to it as the monthly open. This level, situated within a resistance zone, suggests a potential target for traders if local lows hold.
Analyzing VeLLaCryptoX’s chart for Bitcoin, several key levels emerge with precise figures. A pink support zone starts at approximately $63,835 with the price at $64,954, indicated in black line, acting as a support, marking a demand area where buyers might enter.
Conversely, a green zone, with the resistance at $67,391 and topping at $67,474, indicating a potential sell area. The chart shows Bitcoin oscillating near the lower end of the recent range, close to $65,120, suggesting stabilization in the support zone.
The chart’s depiction of a downtrend leading into the pink support zone, followed by stabilization, hints at strong buying interest. This aligns with the pivot point mentioned in the tweet, situated in the upper green zone.
Analyst Predicts Major Bitcoin Buy Signal as Hash Ribbons Near Critical PointThe trading strategy suggests entering long positions near the support zone, targeting the $67,400 pivot. If local lows hold, traders could see prices rise to test the resistance at the monthly open, aligning with VeLLa’s analysis.
Per CoinGecko’s data at press time, Bitcoin trades at $65,802 with a daily trading volume of $19.04 billion. Despite a slight decline 2.5% over the past week, the analysis provides a strategic outlook for traders, emphasizing the importance of key levels and pivot points in Bitcoin’s price movement.
