Recent movements in the cryptocurrency market are notable, with Bitcoin showing signs of recovery and major holders increasing their positions in Ethereum.
Bitcoin Recovery and Targets
Bitcoin has shown recovery after a recent decline, testing support around $110,700–$111,000. The daily chart indicates a bounce from this level, which traders refer to as a reclaim zone.
Currently, Bitcoin is trading just above the $111K mark, and experts agree that maintaining this level is crucial for possible upward momentum. They note that the next resistance level is around $117,000, previously tested in July. If Bitcoin continues to move upward, this will represent the next logical target.
Whale Activity Shifts
On-chain data reveals that a Satoshi-era whale sold 3,968 BTC valued at about $437 million. After that, the whale purchased 96,531 ETH worth approximately $443 million.
In the past week, the same whale accumulated over 641,000 ETH with a market value of around $2.94 billion. Transaction records show that Bitcoin sales signal a sharp reduction in BTC exposure and increase in Ethereum positions.
Market Overview and Conclusion
At the time of writing, Bitcoin’s price is about $111,033 with a 24-hour trading volume of $38.7 billion. The price increased by 1% over the last 24 hours but is down 2% for the past week.
Traders are closely monitoring the $111K support level and the potential move toward $117K, while whale activity continues to influence flows between BTC and ETH markets.
Current events in the cryptocurrency market indicate significant strategic shifts among major holders, who are reallocating to Ethereum while Bitcoin shows recovery signs and prepares for the next resistance level.
