Justin Sun the founder of HTX and TRON has gathered widespread attention due to his significant BTC transfer to Binance.

Justin Sun moved $30 million BTC to Binance and 513.4 $BTC ($31.2M) to a new wallet ~1 hour ago. So far in 2024, he has deposited a net amount of 2

Justin Sun, the founder of HTX and TRON, has attracted attention in the crypto community with his large BTC transfers to Binance. On August 11, 2024, the on-chain analytic firm Spotonchain reported that Sun had transferred 500 BTC, valued at $30.3 million, to a Binance deposit.

This transfer is part of Sun's substantial BTC deposits to HTX and Binance throughout 2024, which total 2,969 BTC and are valued at $164 million at an average price of $55,185. Sun, known for his enthusiasm for BTC, has a habit of making these large transfers.

Meanwhile, BTC's price has shown little reaction to Sun's transfers. At press time, BTC trades around $61,000, up 0.5% over the last 24 hours. Despite the price stability, trading volume has dropped by over 55% during the same period, indicating less participation from traders and investors.

Furthermore, BTC's open interest has risen by 0.5% in the last 24 hours. This stability in OI suggests a lower interest among traders.

A technical analysis of BTC on a daily time frame reveals that the cryptocurrency is trending up, trading above the 200 Exponential Moving Average (EMA). However, BTC has been consolidating for the last four days. A breakout of this consolidation will be crucial for the upcoming price rally.

If BTC can breakout of this consolidation zone and close a daily candle above the $61,700 level, it could rally towards the $68,000 resistance zone. Conversely, if BTC breaks down from this consolidation zone, it could experience a sell-off towards the $58,000 support level.

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