Bitcoin whales making big moves again with 46,137 BTC purchased in past few days
According to a report by crypto analytics agency Sentiment, the price of bitcoin at the moment is quite attractive for whales to hoard. Large holders of the cryptocurrency, whose wallet size ranges from 100 to 10,000 BTC, have added 46,173 BTC to their balances since September 27.
In the chart above, you can see how, as the supply of USDT falls on the balance of these wallets, the supply of Bitcoin simultaneously goes in the opposite direction. That said, the increase in the Bitcoin supply on these balances has been going on the longest since May.
This data correlates well with previously presented information by Sentiment, where spikes in trading volumes of stablecoins were preceded by declines in cryptocurrencies’ prices. However, at the moment, bitcoin trading volume has been steadily increasing since July, which could mean an increasingly strong compression of the “spring”.
Current situation around Bitcoin
Since Bitcoin whales began actively gaining positions, the price of the cryptocurrency has risen by over 5.5%, but at one point, the growth was nearing 7%. The main question now is whether the buyer will be able to break out and consolidate above the $20,500 level. In case of success on BTC, we should expect growth, where the first resistance will be $20,800-$21,600. In the second case, there will be a pullback from $20,500 and a plunge downwards.
