On December 6th, Friday, the crypto market witnessed a notable uptick as Bitcoin price remained at $100k. This bullish momentum steadily spreading to the altcoin market has bolstered major assets like Binance coin for a key breakout. The price surge backed by whale accumulation hints potential for a sustained rally ahead.
Currently, the Binance coin trades at $743.75 with an intraday gain of 3.71%. According to CoinGecko, the asset’s market cap surged to $108.4 Billion, while the 24-hour trading volume stands at $27 Billion.
Key Highlights:
- The BNB price breakout from the In H&S pattern signals an escape 43-month accumulation trend.
- The long-tail rejection candles at $690 support accentuate the intact demand pressure for the next leap.
- In the 4-hour chart, the 200-day Exponential Moving Average acts as suitable pullback support for crypto buyers.
Large BNB Withdrawal Sparks Interest During Market Dip
According to EmberCN, an address withdrew 3,566 Binance Coins (BNB), valued at approximately $2.51 million, from the Bitget exchange at a price of $706 per BNB. This activity occurred during a significant market dip approximately six hours prior to the report.
The withdrawal, spotlighted on the Arkham intelligence platform, hints that large investors are interested in accumulating Binance coins during the market dip. Thus, the BNB price shows potential for further rally despite recently surging to a new all-time high of $793.8.
一地址在 6 小时前市场下跌时，以 $706 的价格从 Bitget 提出 3,566 枚 $BNB ($2.51M)。https://t.co/3Y6WXg5NHY
本文由 #Bitget｜@Bitget_zh 赞助 pic.twitter.com/4djRgCigj1
— 余烬 (@EmberCN) December 6, 2024
InH&S Pattern Powers BNB Price Bullish Momentum
The Bitcoin price rally to $100k has bolstered most major altcoins to prolong their bullish recovery while entering December. Following the momentum, the BNB price gave a massive breakout of $690 neckline resistance of the Inverted Head and Shoulder pattern before rallying to new ATH.
The pattern consists of three troughs: the first and third are known as the “shoulders,” and the deeper middle trough is the “head.” The formation occurs as sellers lose momentum, and buyers begin to step in, pushing prices higher.
A look at the 4-hour chart shows long tail rejection in BNB price as it witnesses renewed demand pressure at $490. If the pattern continues to drive bullish momentum, the current recovery could chase a potential target of $1,196.