In July, the Bitcoin whales started quite weak, almost without movements in the first 5 days of the month, while Bitcoin remained almost without price fluctuations. However, this week things have changed a bit. Could it be that now the whales will continue to accumulate BTC in the short term?
Summary of Bitcoin whale activity with BTC
During the week, Whale Alert has recorded 14 operations by Bitcoin whales, of which six were accumulation. Then, five through which these actors introduced 10,844 BTC to the market on different exchanges. Finally, two were made between exchanges and one between unknown wallets.
The day that there was more movement of BTC was last July 10, when Bitcoin fell from approximately US $ 9,400 to a level close to US $ 9,100 in a matter of hours. Although there was a recovery throughout the day, you can notice the abrupt change in the BTC weekly price chart.
This day also coincided with the time when Bitcoin reached a historical correlation level with the S & P500.
At a general level, this week 47.94% of the operations were accumulation. The rest kept moving between the exchange platforms that we know.
Therefore, it could be said that Bitcoin whales are not necessarily focused on accumulating BTC. At most, some whales are taking their cryptocurrencies to exchanges, but not to the level of mass selling to dumping.
The BTC price has been stagnant in a side market since June, and the Bitcoin whales, unlike last month, started July without a fully defined trend. And it is that the leading cryptocurrency has shown no signs of a sudden change on the way.
We can say that the market at $ 9,200 per Bitcoin erased the gains made earlier in the week. Bitcoin recovered 1.9%, then fell 2.1% and is now flat.
Thus, we can speak of another rupture. Despite this, traders who buy when prices drop are not providing enough momentum to significantly move the market higher, which is what we have seen with Bitcoin whales.
Right now there is less and less room to move, so we should see how it works out in the coming days. Therefore, any sudden event should last for a considerable duration to call it a break towards a new trend and not another failed one like the one we saw this week.