On Friday, December 6, the cryptocurrency market witnessed a notable rally as the price of Bitcoin remained at $100,000. This bullish momentum steadily spreading to the altcoin market has propelled major assets like Binance coin to a key breakout. The price increase supported by whale accumulation suggests the possibility of a sustained rally ahead.
Currently, Binance coin is trading at $743.75 with an intraday gain of 3.71%. According to CoinGecko, the asset’s market capitalization increased to $108.4 billion, while the 24-hour trading volume amounts to $27 billion.
Key Highlights:
- The BNB price breakout of the In H&S pattern indicates a 43-month breakout accumulation trend.
- The long-tailed rejection candles at the $690 support accentuate the demand pressure intact for the next jump.
- On the 4-hour chart, the 200-day exponential moving average acts as suitable pullback support for cryptocurrency buyers.
Big BNB Withdrawal Sparks Interest During Market Crash
According to EmberCN, one 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 decline approximately six hours prior to the report.
The withdrawal, highlighted on the Arkham intelligence platform, hints that large investors are interested in accumulating Binance coins during the market decline. Therefore, BNB price shows potential for further rally despite recently reaching a new all-time high of $793.8.
InH&S Pattern Drives BNB Price Bullish Momentum
Bitcoin’s price rally to $100,000 has bolstered most major altcoins to extend their bullish recovery entering December. Following the momentum, BNB price produced a massive breakout of the $690 neckline resistance of the inverted head and shoulder pattern before rising to a new ATH.
The pattern consists of three valleys: the first and third are known as the “shoulders” and the deepest middle valley is the “head.” The formation occurs when sellers lose momentum and buyers begin to intervene, driving prices up.
A look at the 4-hour chart shows a long-tail rejection in BNB price as it witnesses renewed demand pressure at $490. If the pattern continues to fuel bullish momentum, the current rally could chase a potential target of 1,196 dollars.
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