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Bitcoin whale groups propose a trend reversal in BTC

September 26, 2020

Bitcoin (BTC) whale groups suggest that after BTC rallies above $ 10,700, the price may be in a trend reversal in the short term. In the past two days, the price of BTC on major exchanges rose nearly 6% from $ 10,135 to $ 10,755.

Whale pools arise when major investors accumulate Bitcoin and don’t spend or move their holdings for long periods of time. This generally indicates These whales expect the price of BTC to rise in the short term.

The hourly map of the Bitcoin whale pile

Bitcoin whale groups propose a trend reversal in BTC
Bitcoin whale groups propose a trend reversal in BTC

Hourly map of the Bitcoin whale groups. Source: Whale map

Whalemap, a chain analysis company that tracks whale activity, identified $ 10,407, $ 10,570, and $ 10,667 as groups of whales. In the short term, all three levels should serve as potential areas of support when BTC holds above $ 10,700.

The mood in the Bitcoin market is becoming bullish

According to analysts at Whalemap Bitcoin can remain in an uptrend as long as the USD 10,407 level is defended.

Analysts stressed that the trend suggests “the cops won” as market sentiment improved since the last rally. you they declared::

“It feels like the bulls have won. Lots of supports down at $ 10,407 and $ 10,570 and volume profile support at $ 10,500. It shouldn’t go below $ 10,407 to stay bullish. “

An interesting irregularity in the recent rally in Bitcoin is that it has been decoupled from gold as Cointelegraph reported. While gold fell slightly 0.32% in the past 24 hours, BTC rose above $ 10,700.

Willy Woo, a chain analyst, He said the decoupling suggests Bitcoin’s momentum is increasing. He said::

“Bitcoin will soon be decoupled from traditional markets, but because of its internal acceptance curve (think startup-style growth) rather than changing the perception of traditional investors as a hedging tool.”

In addition to the various technical factors driving Bitcoin’s uptrend, The current fundamentals forecast a positive outlook in the short term.

Earlier this week, data from Glassnode showed that the number of small Bitcoin addresses fell in September. Even so, the Glassnode analysts found that the data does not affect or affect the fundamentals of the network. you they declared::

“The recent decline in # Bitcoin addresses with ≥ 1 BTC is not a cause for concern and has no relevance to the fundamentals of the network. This was simply an exchange that did an internal cleanup and merged a large number of small UTXOs into one in separate addresses. “

What do dealers expect now?

The cryptocurrency trader, Edward Morra believes the market must move above $ 10,830 to confirm a bullish continuation.

If BTC rejects $ 10,830 and falls below $ 10,500, The range between $ 9,800 and $ 10,830 could cause BTC to stagnate for an extended period of time. Morra said::

“Below daily resistance, above daily support = variable market. The price is currently in a bearish retracement at $ 10,830. If we move higher, expect a new daily resistance test at $ 11,200. I’m not interested in swapping the border area – wait for the expansion. Support = $ 9,800-10,100 “.

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