Bitcoin (BTC), the largest cryptocurrency in the world, has maintained its position above the $60,000 level for four consecutive trading days and is currently consolidating within a tight range. The founder of HTX and TRON, Justin Sun, has recently made headlines with a significant BTC transfer to Binance.
Justin Sun transferred $30 million in BTC to Binance
On August 11, 2024, the on-chain analytics firm Spotonchain reported on X (formerly Twitter) that Sun had transferred 500 BTC worth $30.3 million to a Binance deposit. Subsequently, he moved 513.4 BTC worth $31.2 million to a new wallet.
Despite the significant transfers, the price of BTC has remained stable. Currently trading near the $61,000 level, BTC has seen a modest 0.5% price increase in the last 24 hours. However, trading volume has decreased by over 55%, indicating reduced participation from traders and investors.
Additionally, BTC’s open interest has experienced a marginal increase of 0.5% in the last 24 hours, suggesting lower interest from traders.
Bitcoin technical analysis
Experts believe that BTC is in an uptrend as it continues to trade above the 200 Exponential Moving Average (EMA) on a daily timeframe. However, the cryptocurrency has been in a consolidation phase for the past four days. A breakout from this consolidation will be crucial for the next price rally.
If BTC breaks out of the consolidation zone and closes a daily candle above $61,700, it could potentially reach the $68,000 level. Conversely, a breakdown from this zone could lead to a significant sell-off towards the $58,000 level.
