A wallet linked to BIT, formerly known as Matrixport, has sent 2,400 BTC to Binance over four days as bitcoin trades near $81,000, just below a resistance zone flagged by analysts. The deposits land alongside a fresh debate over bitcoin's next move, from a golden cross technical signal to a public exchange between Michael Saylor and investor Jason Calacanis.
A whale wallet linked to BIT, the firm formerly known as Matrixport, sent 1,000 BTC worth $81.06 million to Binance early Saturday, according to onchain tracker Lookonchain. The move follows a 1,400 BTC deposit worth $107.8 million on Sept. 15, taking the four-day total to 2,400 BTC.
A familiar pattern from BIT
The address, which begins with "bc1qsz," has run this play before. In December last year, two Matrixport-linked wallets sent 4,000 BTC, about $347.56 million, to Binance while bitcoin struggled to reclaim $90,000. Binance's bitcoin reserves have since climbed above 693,000 BTC, their highest level in two years, as of early this month.
Price holds below resistance
Bitcoin has ripped from the mid-$76,000s to $81,000 in recent days, a rally that came as $183 million in short positions were wiped out in a single hour. Analysts have flagged $81,700 to $83,000 as the next resistance zone, with the 365-day moving average parked near $81,700.
However, U.S. spot bitcoin ETFs took in $433 million on Sept. 18, led by Fidelity's FBTC with $311 million and Blackrock's IBIT with $108 million — more than double the value of BIT's transfers combined.
Golden cross divides analysts
Bitcoin's climb to $81,280 also coincides with a golden cross, where the 50-day moving average crosses above the 200-day moving average, after the asset gained around 4% over the past 24 hours. Analyst Benjamin Cowen is urging caution, noting that bitcoin price declines during golden cross formations are normal, as happened during the local pullback earlier in September.
Cowen says the outcome hinges on whether the rebound produces a higher high paired with weekly closes above the 50-week simple moving average, echoing 2019 and 2023, or instead forms a lower high like the 2014-2015 cycle, which would support the bear market continuing.
Saylor answers bitcoin's critics
The rally also reignited debate over bitcoin's purpose. Investor Jason Calacanis argued bitcoin no longer captures the public's imagination, comparing it to a CD in the age of Spotify. Michael Saylor responded that bitcoin is now a $1.6 trillion success and the world's most valuable digital asset. According to CoinDesk: "The orange tie stays."
Sources: Bitcoin News, CoinDesk, U.Today
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