If anyone felt that the Bitcoin market had been too stable, calm or lateral, it’s time to pay attention to the actions of Bitcoin whales in the last few hours. Will this have a real effect in the short term?
Are Bitcoin whales opting for other cryptosystems?
Bitcoin whales are making a strong start to the week
In the last few days of June, Whale Alert reports on Bitcoin whales have remained constant, especially this Monday and Tuesday.
Considering that at the time of writing the price of Bitcoin is US$9,658.87, with the twelve operations that Bitcoin whales have carried out since Monday, we would see that these have mobilized US$342,764,379.69. Yes, in just 48 hours the whales have mobilized 35,487 BTC.
Half of the transactions reported by Whale Alert were made from exchanges like Coinbase or Binance to unknown wallets. Thus, of the total BTCs mobilized in two days, 55.49% were for accumulation. Meanwhile, 21.48% of that total was introduced into the market. Finally, it is good to know that 22.57% were mobilized between exchanges.
In other words, the whales accumulated the equivalent in Bitcoin of over 190 million dollars in just 48 hours. But, in return, they introduced more than $74 million into the market from exchanges such as Binance and OKEx during the same time.
Jim Rogers: Bitcoin price to fall to 0
How could this affect the price of Bitcoin?
After a rapid recovery on Monday, Bitcoin remains in bullish territory, although trading remained stable on Tuesday 23rd.
In some ways, this event is what may be influencing the actions of Bitcoin whales in the last few hours, and was described previously.
Specifically, this decline has reached levels last seen before a major spike witnessed in October 2019. This can be seen in the Bollinger Bands indicator.
In technical analysis a situation like this is often interpreted as a prelude to an abrupt breakthrough to any of the resistance levels, be it higher or lower.
If we relate the context in which the Bitcoin Code price is at the moment to the activity of Bitcoin whales, it could be said that by accumulating these whales are seeking to influence the price upwards.
Although this activity will probably continue throughout the day, the eyes of those interested in the subject should also be on what happens in the area of exchange volume in exchanges, settlements, among other elements.
Either way, we invite you to stay tuned for our next articles on the development of the Bitcoin market in the next few hours and days.