The last hour saw the withdrawal of 500 Bitcoin or roughly $522.6 million from Binance from a newly activated wallet. Since Bitcoin is approaching its all-time high, whales are actively buying up the cryptocurrency, which could lead to a spike in the asset's momentum. The timing could not be more crucial. After breaking through the psychological barrier of $100,000, Bitcoin is currently trading at about $104,000.

With the 50 EMA crossing above the 100 EMA, a bullish momentum signal that typically precedes further upside, Bitcoin is still in a strong uptrend on the daily chart. There is still room to run before reaching truly overbought conditions, as indicated by the RSI's elevated but not exhausted position. This huge withdrawal is more than just a footnote. It comes as Bitcoin's market share is getting close to 70%, which has not been that high since 2021. 

BTC/USDT Chart by TradingView

Dominance increases typically indicate that money is shifting from altcoins to Bitcoin, which is a common precursor to either consolidation prior to a breakout or a sudden price spike. The price of Bitcoin might reach its highest point in the near future if dominance keeps pushing and macro conditions stay favorable.

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Double confirmation is provided by the fact that such significant withdrawals are taking place right after a bullish crossover and macro strength. Herds of whales rarely move without conviction, and withdrawing $50 million from an exchange indicates long-term holding intentions rather than speculative activity. Technically speaking, the breakout above $100,000 is confirmed, and a strong support base is currently forming between $98,000 and $100,000.

If momentum continues the previous ATH — uncharted territory — will be the next significant resistance. The rally is further supported by volume, as buying activity sharply increased as Bitcoin broke through the $95,000 barrier. All things considered, this is a whale wagering that deeper waters are ahead — not just a whale creating waves. Additionally, if past trends continue, this action might be one of the first steps in a bigger institutional push for Bitcoin's upcoming price discovery stage.

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