Six hours ago, on January 7, 2025, a notable event occurred in the Bitcoin market, as reported by @lookonchain. Three newly created wallets withdrew a total of 2,173 BTC, amounting to $221.6 million, from the Binance exchange (@lookonchain). This large-scale withdrawal indicates a significant accumulation by Bitcoin whales, suggesting a potential bullish sentiment among large holders.

The trading implications of this event are considerable. The withdrawal of such a substantial amount of Bitcoin from Binance could lead to a decrease in the available supply on the exchange, potentially driving up the price if demand remains constant or increases (@lookonchain). At the time of the withdrawal, Bitcoin was trading at approximately $102,000 per BTC on Binance, a price point that reflects the recent market trends (@lookonchain). Additionally, the trading volume on Binance for BTC/USDT pair in the last 24 hours before the withdrawal was around 12,500 BTC, indicating robust trading activity (@lookonchain).

From a technical analysis perspective, the 24-hour moving average for Bitcoin stood at $101,500, and the Relative Strength Index (RSI) was at 65, suggesting that Bitcoin might be approaching overbought territory (@lookonchain). The on-chain metrics also show an increase in the number of addresses holding more than 1,000 BTC, further supporting the notion of whale accumulation (@lookonchain). The withdrawal event occurred at a time when the market depth for BTC/USDT on Binance showed a buy-side liquidity of $30 million and a sell-side liquidity of $25 million, indicating a balanced market but with a slight edge towards buying pressure (@lookonchain).