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The Bitcoin whale conglomerate with $ 10,570 is currently the most important level

September 12, 2020

Short-term pools are at $ 10,570, according to Whalemap, an on-chain analytics firm focused on Bitcoin (BTC) whale activity.

Whale clusters are displayed for Bitcoin at $ 10,570 and $ 11,288

Whale pools are displayed for Bitcoin at USD 10,570 and USD 11,288. Source: Whale map

The Bitcoin whale conglomerate with $ 10,570 is currently the most important levelThe Bitcoin whale conglomerate with $ 10,570 is currently the most important level

Whale clusters form when whales accumulate bitcoin and fail to move BTC. Areas with large amounts of unspent BTC become an area of ​​interest, usually a resistance level. Whale map analysts to explain::

“The bubbles show places where unspent bitcoins have accumulated. The bigger the bubble, the more unspent bitcoins there are. P.S. Not spent means that these bitcoins have not moved since they were ‘entered’ into a whale’s wallet. “

Whales or people who own large amounts of BTC like to sell at break even or at a profit, depending on the market trend. If the whales are viewing the current trend as bearish, the $ 10,570 level could serve as an area for the whales to balance.

The two largest groups of whales come together with technicians

The two largest groups of whales in the short term are $ 10,570 and $ 11,800. Unsurprisingly, the two levels are also important areas of resistance for BTC in the short term.

Based on over $ 10,000 bitcoin recovery Some traders are forecasting that BTC will retest the $ 11,000-11,300 resistance area.

According to cryptocurrency trader Edward Morra, Coinbase’s order book has consistently shown decent buy demand in the $ 10,000 range. Said September 11:

“In the event that Bitcoin falls, Coinbase has some large contracts under it. Coinbase added offers, from 10,200 to 10,000, there is now ~ 2,500 BTC in the offers. “

The strength of the $ 10,000 support level could allow BTC to retest and potentially break $ 10,570. At the moment, many traders seem cautiously bullish, at least up to the middle of the $ 10,000 mark.

Most of the short-term bullish and bearish cases are also focused in the resistance area of ​​$ 10,570-11,000. Rejection of the area increases the likelihood of falling away in the near future.

On-chain metrics are cautiously fluctuating bearishly

Currently, various on-chain metrics support the short-term bearish fall for Bitcoin. For example, data from Glassnode shows that BTC miners’ fee deposits on exchanges have soared to levels not seen since 2017. Researchers they said::

“Currently, almost 10% of all #bitcoin miner fees are spent on transactions that involve depositing BTC dollars on centralized exchanges. This is doubling since the beginning of the year and a level we haven’t seen since the end of 2017. “

However, the rise in miners’ fees and the record hash rate of the Bitcoin blockchain network suggest a general surge in network activity. But If the miners sell the fees, it could put additional selling pressure on the BTC / USD pair.

Bitcoin fees are sold on exchanges

Bitcoin fees are sold on exchanges. Source: Glass knot

Historical, Many analysts have used various network activity metrics to measure Bitcoin’s short and medium term trend.

For example, CNBC’s Brian Kelly has consistently used Bitcoin’s one-way activity to assess BTC price developments.

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