There has been an encouraging move in the crypto market amidst the general post-Christmas market decline. It’s just that whales are collectively moving stablecoins to exchanges. According to the Santiment centralized exchange (CEX) deposit dashboard, seven deposits worth at least $9 million have flowed to Binance in the past 24 hours, including one worth $50 million, which represents 2.33% of the total supply. When the dashboard shows that stablecoin deposits dominate the fund flows on exchanges, it is generally considered a strong signal that whales are ready to buy. This indicates the potential to stimulate price increases across the market. While there is no guarantee that whales will use these funds immediately, it can be interpreted as a positive sign before the end of 2024.
From a technical analysis perspective, as expected before, Bitcoin continues to fluctuate within a range on the daily chart. In recent days, we proposed a sell strategy at the upper end of the range, which has now corrected to the lower middle end of the daily chart. With the Christmas holiday over and funds gradually starting to flow in, it is time to start gradually preparing for the beginning of January next year, as we are approaching the transition point between the old and new year, rather than expecting to be too bearish. The main support is around $95,000 and the resistance is around $100,000.