Justin Sun Moves Millions in Bitcoin to Binance, What’s cooking?

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Bitcoin (BTC) the world’s biggest cryptocurrency has maintained its position above the $60,000 level for four consecutive trading days and is currently consolidating within a tight range. Amid this consolidation, Justin Sun the founder of HTX and TRON has gathered widespread attention due to his significant BTC transfer to Binance.

Justin Sun moved $30 million BTC to Binance

On August 11, 2024, the on-chain analytic firm Spotonchain made a post on X (previously Twitter) that Sun had transferred a notable 500 BTC worth $30.3 million to a Binance deposit. However, he later transferred 513.4 BTC worth $31.2 million to a new wallet.

However, it is highly unpredictable what he plans to do. So, far in 2024, he has deposited a massive 2,969 BTC worth $164 million to HTX and Binance at an average price of $55,185.

BTC price overview

Following this massive transfer, there hasn’t been any impact on the price of BTC. At press time, BTC is trading near the $61,000 level and has experienced a price jump of 0.5% in the last 24 hours. Despite the price stability, BTC’s trading volume has dropped by over 55% during the same period. This decrease in the trading volume suggests lower participation from traders and investors.

Meanwhile, BTC’s open interest also seems to be struggling as it experienced a 0.5% increase in the last 24 hours. This stability in the OI indicates a lower interest from traders. 

Bitcoin technical analysis

Experts suggest that BTC is in an uptrend as it is moving above the 200 Exponential Moving Average (EMA) on a daily time frame. However, it has been in a consolidation phase for the last 4 days. A breakout of this consolidation will play an important role in the upcoming price rally. 

Source: Trading View

If BTC gives a breakout of this consolidation zone and closes a daily candle above the $61,700 level, there is a high possibility it could soar to the $68,000 level. Conversely, if BTC gives a breakdown of this consolidation zone, there is a high chance it may experience a massive sell-off to the $58,000 level.