Bitcoin Price Surge Driven by Whale Activity on Major Exchanges

Bitcoin price surges as whales on Binance and Coinbase increase BTC exposure. The Coinbase premium indicates renewed US buyer interest. Resistance at $90,000, previously held by ‘Spoofy the Whale,’ has diminished, suggesting potential for further price rises. Market data reflects a bullish turnaround as retail investors have stepped back.

The resurgence of Bitcoin (BTC) buying is propelled by significant whale activity on Binance and Coinbase, coinciding with Bitcoin’s recovery over the $90,000 threshold. Data from CryptoQuant indicates that large investors are actively boosting BTC price gains, shifting market dynamics positively with the Coinbase premium entering positive territory. This indicates renewed US buyer interest as whales alternate between pushing prices on the two leading exchanges.

Currently, Bitcoin has reached its highest value in over six weeks, reflected in the growing Coinbase premium—the price difference between BTC on Coinbase and Binance’s BTC/USDT. This uptick suggests strong demand and a favourable market environment, as noted in a recent analysis by CryptoQuant contributor Crypto Dan, who observed that retail investors have been sidelined due to previous volatile price movements. This has opened a pathway for potential price increases amidst an oversold market.

Further supporting this bullish sentiment, Binance’s order book data aligns with the trends observed. Keith Alan of Material Indicators reported that various whale classes are re-entering the market, with a notable decrease in selling pressure at the $90,000 resistance level originally attributed to the entity known as “Spoofy the Whale.” According to Alan, this entity’s retreat from influencing the order book suggests a readiness for upward momentum, although he asserts that Bitcoin still requires a strong reclaim of approximately $93,500 to fully reverse its multimonth downtrend and confirm a bullish market shift.