Will Bitcoin (BTC) Stage a Bullish Comeback Amid Whale Movements?

• Bitcoin whales have shown significant movements in the past week. 
• The cryptocurrency recorded $28.74 million in 24 hour liquidations according to coinglass data.

Cryptocurrency has seen a spur in activity since the beginning of August. While the month mirrored July, with its significant price dip, it has persevered to reinstate a bullish market in the past few weeks. Subsequently, Bitcoin which shared most of the limelight, surpassed $59K catching market attention yet again. 

Amid other cryptocurrencies showing mixed signals, BTC sparked bullish candles in the last 24 hours. The cryptocurrency’s daily price chart shows Bitcoin trading at $59,467 in the beginning hours of August 13. 

As the day progressed, following a mild dip, the token surpassed $60,000 momentarily and hit an intra-day high of $61,356. At the time of writing, BTC was trading at $60,830 with a 2.59% daily surge as per CMC data . 

Notably, this price action has coincided with several whale movements in the past few days. According to market analyst “Ali Charts”’s recent X post , in the past week, multiple Bitcoin whales have sold over 10K BTC tokens worth nearly $600 million. Additionally, WhaleAlert also reported several Bitcoin whale movements in the last few hours. 

Is Bitcoin Attempting a Bullish Takeover? 

According to TradingView data, Bitcoin has shown a weekly performance of 8.49% increase. Moreover, the token’s 9-day SMA stands below the current price indicating the short-term bullish turn. 

BTC/USD Daily Price Chart (Source: TradingView )

Furthermore, BTC’s RSI has climbed to 48.36 and is nearing a neutral market sentiment. However, the reading still indicates a sell zone amid the aforementioned whale movements. Relatedly, according to coinglass data Bitcoin recorded $28.74 million in 24-hour liquidations. 

Additionally, the token’s bull power indicator stands at 861.22 indicating the recent upward movements. Subsequently, if Bitcoin manages to break the $60K resistance and propel further it might succeed in its attempt to stage a bullish comeback. 

Meanwhile, other tokens such as Ethereum and BNB haven’t shown significant movements in the past day. 

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