Whenever something happens in the cryptocurrency market, we are interested in getting an idea of what may be influencing at any given time. In this opportunity, we are interested in evaluating the possibility that Bitcoin whales are currently holding the price of BTC.
For this, we will take into account the volume of sale or purchase of BTC in the last three days, according to reports from the Whale Alert tool.
Analysis of the actions of Bitcoin whales
Right now, Bitcoin whales have maintained a BTC buying trend, as evidenced by their latest transactions. Of eleven registered, nine have been made from exchanges to unknown wallets, thus denoting a tendency to accumulate.
In addition, we can verify this with the data provided by TradingView, where it is estimated that the general trend of the market is the purchase of BTC. Highlighting that crypto whales are not introducing coins to the market, but taking them out. Furthermore, with relatively stable demand, we can say that these are helping the price of BTC in some way.
However, what has happened in parallel is that many crypto whales are mobilizing stablecoins like USDT. It can be inferred that it is that in the middle of everything that has happened in the markets, they decide to wait for the Halving of Bitcoin to approach and be able to obtain some gains from their old positions in the long term.
In figures, Bitcoin whales have mobilized 13,171 BTC in recent days, of which 11,121 have been accumulation. The most used exchanges were Binance, Coinbase and OKEx.
How is the value of BTC currently?
According to CoinDesk, Bitcoin sits at $ 7,134.71 as of this writing. This translates to a 4.16% increase in 24 hours, which equals an increase of $ 285.01.
Considering the collapse of oil on Monday, especially WTI crude that hit negative values, we cannot assure you that this slight upward momentum of Bitcoin cannot be broken.
The reason is that although Bitcoin was relatively stable in comparison. Such a crash could have an impact on all markets and assets, including Bitcoin, albeit indirectly.
Crypto whales may intervene in one way or another in the price of BTC, but it must be remembered that whales continue to be rational actors, and that in the face of the possibility of an imminent loss in the value of their investments, they will choose what gives them certain security. . Maybe that’s why we see that in recent days they have invested in stablecoins more than Bitcoin.
If there is a factor that perhaps could have influenced these hours, it is the decision of the United States Senate to approve 484 billion to alleviate the COVID-19 crisis. For BTC, a move above $ 7,300 would strengthen the prospects for a range break and a rally to $ 8,000 before Halving.