If it seemed to someone that the Bitcoin market had been very stable, calm or lateral, it is time to pay attention to the action of the Bitcoin whales in the last hours. Will this have a real effect in the short term?
Bitcoin whales kick off the week
In the last days of June, Whale Alert reports on Bitcoin whales have remained constant, especially this Monday and Tuesday.
Considering that at the time of writing this post, 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 operations reported by Whale Alert were made from exchanges such as Coinbase or Binance to unknown wallets. Thus, of the total BTC mobilized in two days, 55.49% was for accumulation. Meanwhile, 21.48% of that total entered the market. Finally, it is good to know that 22.57% was mobilized between exchanges.
In other words, the whales amassed the Bitcoin equivalent of more than $ 190 million in just 48 hours. But, in return, they introduced more than $ 74 million to the market for exchanges like Binance and OKEx during the same time.
How could this affect the price of Bitcoin?
After a rapid recovery on Monday, Bitcoin remains in bullish territory, although trade held steady on Tuesday the 23rd. Similarly, the volatility of Bitcoin’s prices has decreased.
In a way, this event is what may be influencing the actions of Bitcoin whales in the last few hours, and which was previously described.
Specifically, this decline has reached levels last seen before a major rebound witnessed in October 2019. This can be seen in the Bollinger Bands indicator.
In technical analysis, a situation like this is often interpreted as the prelude to an abrupt breakdown towards any of the resistance levels, whether higher or lower.
If we relate the context in which the price of BTC is in this moment with the activity of Bitcoin whales, it could be said that by accumulating these they are seeking to influence the price upward.
Although this activity will probably continue in the course of today, the eyes of those who are interested in the subject should also be on what happens in the field 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 coming hours and days.