Can Bitcoin Hold $58,000? Here’s What Traders Should Know

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After a massive price decline in Bitcoin (BTC), now it has reclaimed its $58,000 level. This massive recovery in the BTC price potentially occurred due to the higher interest from whales and institutions. On August 16, 2024, Bitcoin Whale withdrew a significant 533 BTC worth $31 million from Binance at an average price of $58,188, according to the on-chain analytic firm Spotonchain.

Whales’ and Institutions’ Bitcoin Purchase

Apart from this recent BTC purchase, between August 12, and August 14, 2024, Marathon Digital, the largest Bitcoin mining firm bought 4,144 BTC worth $249 million with an average rate of $59,500. This massive BTC accumulation at this range suggests a perfect buying level for crypto enthusiasts.

A fresh whale withdrew 533.5 $BTC ($31M) from #Binance at an average price of $58,188 in the past 5 hours!

Note that fresh whales seem to be actively accumulating #Bitcoin this week, with 6 whales withdrawing 4,046 $BTC and $WBTC ($239.5M) from CEXs.

Don’t want to miss the new… pic.twitter.com/4h3qnHy7Br

— Spot On Chain (@spotonchain) August 16, 2024

However, traders in this volatile market are confused as the price of BTC and other digital assets significantly fluctuates.

Recently, a crypto expert made a post on X (previously Twitter) that the price drop on Thursday evening was just a mild correction. Additionally, this recent level is a crucial support level for BTC. However, if BTC fails to hold this level there is a high possibility that it could fall to $54,000 or even $48,000 in the coming days.

#Bitcoin is having a casual price correction on a Thursday evening.

Holding a crucial level of support, losing $56K and we will likely see new lows or a retest at $48K. pic.twitter.com/UZqGUMp343

— Michaël van de Poppe (@CryptoMichNL) August 16, 2024

Bitcoin Price Analysis

Currently, BTC is trading near the $58,150 level and has experienced a price drop of over 2.5% in the last 24 hours. Meanwhile, its trading volume increased by over 10% during the same period, indicating higher participation from traders and investors in this volatile market.

Bitcoin Price Prediction for August 2024

Besides all these accumulations by whales and institutions, expert hints Bitcoin is bearish, as it is trading below the 200 Exponential Moving Average (EMA) on a higher time frame.

If BTC on a daily time frame, closes a daily candle below the $57,500 level, there is a high possibility it could fall to $56,000 and $54,000 levels in the coming days.

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