Bitcoin (BTC) Price Regains Crucial Support Level amid Rising Demand from Whale Investors

The supply of Bitcoin on centralized exchanges remains at multi-year lows as whale investors accelerate the accumulation pace.

Key Notes

Bitcoin price is on the cusp of closing September with a bullish outlook, which could spell more gains in October.The US spot Bitcoin ETFs have accelerated the rate of accumulation, having purchased nearly $1 billion worth of coins in the last three weeks.

Bitcoin BTC $63 857 24h volatility: 0.3% Market cap: $1.26 T Vol. 24h: $27.21 B price closed above the 200-day Moving Average (MA) on Tuesday for the first time in September, after rallying towards a range high of about $64,755 before retracing below $63K on Wednesday during the mid-London session. The flagship coin has been acting on a crucial support/resistance level of around $64K, which will determine the price action in the coming weeks.

Precisely, if the BTC price is consistently closely above $64K in the coming weeks, the state will be set for a bull run in the fourth quarter toward a new all-time high. On the other hand, if Bitcoin price struggles to flip the resistance level around $64, another lower low in the weekly time frame could occur in the near term.

Moreover, Bitcoin price has been trapped in a bearish correction in the past six months after reaching an all-time high of around $73.7k. Nevertheless, the bullish sentiments are higher for Bitcoin in the near term, based on historical data that shows almost all fourth quarters are bullish.

Bitcoin’s bullish sentiment is bolstered by the ongoing Gold rally and the rising trend of some major stock indexes.

Bitcoin Whales on the Move

As the fear of further crypto capitulation significantly reduced in the recent past, as shown by the notable increase in Bitcoin’s fear and greed index to 59 percent, on-chain data shows that long-term investors have increased their appetite.

Whales are accumulating $BTC!

2 whales have withdrawn 3,463 $BTC($219M) from #Binance in the past 12 hours!

Address:

bc1q57rcscs6ztj0xnslwkt4nervxkpen07h9h2jnr2hkwlg3lwuljrsdwt2m2

12993NM9fV8dSSQgbWDZSBVgqtPw4DaAXS pic.twitter.com/Ux4YXKrZ20

— Lookonchain (@lookonchain) September 24, 2024

According to on-chain data analysis, three whale investors withdrew Bitcoins worth nearly $300 million from the Binance exchange in the past 24 hours. The supply of Bitcoins on centralized exchanges has continued to decline, whereby more than 97k BTCs were withdrawn from different exchanges in the past 30 days.

The rising demand for Bitcoin among whale investors is also visible through the spot BTC ETFs cash flow.

In the past three weeks, the US spot Bitcoin ETFs have registered a net cash inflow of nearly $1 billion. On Tuesday, BlackRock’s IBIT led the US spot Bitcoin ETFs with a net cash inflow of about $98.89 million, thus holding coins worth around $22.96 billion.

The demand for Bitcoin among nation-states led by El Salvador, and Bhutan will continue to influence more institutional investors, such as MicroStrategy Inc (NASDAQ: MSTR), in a long-term accumulation plan.

Market Picture

Amid the rising geopolitical tensions in the Middle East and between Russia and NATO, the global economic shift continues to escalate. Already, Gold price has risen to a new all-time high (ATH) of about $2,655 per ounce, thus signaling the need for a hedge against inflation and global uncertainties.

Meanwhile, major global economies led by the United States, European Union, Canada, and China have already initiated respective interest rate cuts to stir up growth in the near term.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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