- A dormant Bitcoin whale moved $85.7M in BTC, securing a 219% gain amid market consolidation near key resistance levels.
- Bitcoin’s liquidation heatmap highlights strong resistance at $85K, with liquidity clusters signaling potential price reactions.
- BTC trades within a symmetrical triangle, with key support at $80K and resistance at $85K, indicating an imminent breakout.
According to Spot On Chain, a Bitcoin whale recently made notable movements following a period of inactivity of 1.5 years. The whale is now moving assets after purchasing 1,500 Bitcoin from Cumberland on August 18, 2023, when it was trading at an average price of $26,353. The whale recently sent FalconX 300 Bitcoin ($25.1 million) at a rate of about $83,707 per Bitcoin.
Additionally, 1,050 BTC ($87.2 million) moved into two new wallets, while 150 BTC ($12.5 million) remains in the original wallet. The total estimated profit from this strategic maneuver stands at an impressive $85.7 million, marking a 219% gain.
Bitcoin’s Liquidation Heatmap and Market Trends
Besides whale movements, Bitcoin’s liquidation heatmap provides key insights into market dynamics. From March 3 to March 5, Bitcoin experienced a strong downward trend, leading to liquidations at higher price levels. Moreover, many long positions faced forced liquidation as Bitcoin attempted a recovery on March 6. However, strong resistance led to further price drops.
Between March 7 and March 10, Bitcoin continued its downward trajectory, reaching new local lows. Consequently, consistent liquidation clusters formed at higher price levels, reinforcing the resistance zones. On March 11, Bitcoin found temporary support, leading to sideways movement near the $80,000 level.
Bitcoin showed indications of a slow rebound between March 12 and March 16, trading within a clearly defined range. Around $85,000, there was still a lot of resistance, although liquidity levels dropped. Liquidity clusters at resistance points also suggested a possible price response.
Technical Indicators Suggest an Impending Breakout
At the moment, a symmetrical triangular pattern is used to consolidate the price action of Bitcoin. As the price gets closer to the peak, this pattern suggests a possible breakout. With a 2-hour timescale displayed, the Binance BTC/USDT reveals that Bitcoin is trading at $83,531.09, indicating a minor fall of 0.16%.
The MACD indicator shows a minor bullish crossover, with the MACD line positioned above the signal line. However, momentum remains weak as the histogram stays near the zero line. Moreover, the RSI stands at 50.45, indicating neutral market conditions. Support lies at $80,000, while resistance is near $85,000. A breakout above resistance could drive prices higher, while a breakdown may trigger further declines.
