Bitcoin price surges by $72 million in 24 hours; BTC sold out on New Year's Eve

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Recently, the Bitcoin market has been affected by whale activity again. About three hours ago, a major Bitcoin whale deposited 778 Bitcoins into the Kraken exchange, worth about $72 million. This whale has deposited a total of 3,038 Bitcoins (about $286 million) into the exchange since December 20, accompanying the recent market decline. This whale activity may be a signal of market volatility and also shows the whale's liquidation strategy, which may be associated with the market's expected volatility or other unknown factors.

Whale activity and its impact on the market

Whales affect market sentiment

Given that whales' capital flows usually have a significant impact on market sentiment, continued large-scale deposits may hint at more selling pressure in the market. Especially when Bitcoin's price pressure is already evident, this activity may increase market uncertainty. Despite the recent large number of withdrawals and deposits, the whale still holds about 24,665 bitcoins, worth about $2.27 billion, indicating that it is still bullish on Bitcoin's long-term prospects, but may be conservative in the short term.

Liquidation strategy and market volatility

Continued deposit activity may mean that whales are interested in liquidation, especially in the context of expected market volatility. Such liquidation behavior often leads to further declines in Bitcoin prices, especially in the case of large-scale sell-offs, the market's decline may be more obvious.

Current Bitcoin Price and Technical Analysis

Short-term Downward Pressure

As of now, the price of Bitcoin is $92,367, down 1.1% from the previous day, and it is in a consolidation state, with a price fluctuation range of $91,375 to $94,838. Since December 20, Bitcoin has shown significant downward pressure on the monthly chart. In particular, Bitcoin fell below the 50-day EMA, which is seen as a bearish signal, indicating that more difficulties may be faced in the short term.

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