One whale has placed a huge BTC bet ahead of the FOMC meeting, but does that guarantee a price increase?
ByDimitar Dzhondzhorov
The number-one cryptocurrency by market capitalization rebounded 2% over the past 24 hours and briefly reclaimed $81,000.
Some analysts think it may post a much more impressive short-term price increase, and a certain whale’s actions support the bullish thesis.
Sign of Strength and More
Several hours ago, X user Sweep noted that BTC had reclaimed its 50-day exponential moving average (EMA), backed by strong spot demand. This development suggests buyers are regaining control, with the analyst calling it “the first major sign of strength.”
Another bullish signal Sweep highlighted is the large
Another bullish signal Sweep highlighted is the large amount of BTC leaving exchanges. The analyst said more than $1 billion of the cryptocurrency was withdrawn to self-custody over the past 24 hours, arguing that a “supply shock is coming.”
The big event today (October 28) likely to trigger volatility and hint at Bitcoin’s next move is the FOMC meeting. Experts project that America’s central bank will keep interest rates unchanged, while a surprise move could cause major turbulence.
As such, it is important to see how whales are preparing for the event. Max Crypto disclosed that one mysterious investor opened a $72.1 million long position on BTC with 30x leverage.
This has sparked speculation that the market participant may have insider information. After all, whales are often seen as sophisticated investors with more rearantee the cryptocurrency’s price will jump after the event
