Bitcoin (BTC) has had significant difficulty holding $60,000. In fact, BTC has surpassed this key level daily for the past five days, with $59,000 acting as support.
At the time of writing, Bitcoin was trading at $60,352 after experiencing a slight decline of 0.19% on the daily charts. Since BTC was only holding at $60,000, whales took the opportunity to accumulate.
Bitcoin whale collected $81 million in BTC
Bitcoin whale activity increased significantly last week, coinciding with prolonged market weakness.
In fact, CryptoQuant’s Spot Average Order Size data showed large whale orders last week. This shows that whales are extremely active in terms of buying or selling in the spot market.
Whale orders have consistently appeared at the $59,000 and $60,000 price levels over the past five days. This makes this price range a major whale zone. Therefore, it appears that these whales are actively buying at these price levels. Notably, Exchange Netflow has only turned positive once in the last three weeks.
For the last three days, Bitcoin Netflow has remained negative and is currently around -125 BTC. The fact that net flow is consistently negative indicates that active investors in the market are mostly buying. This confirms that whales are buying.
Lookonchain reported such a whale. According to the on-chain monitor, a newly created wallet withdrawn 1,350 BTC worth $81.87 million from Binance.
The fact that the whale mobilized such a large capital during this period of weakness is an important sign of growing optimism. According to the investor, BTC may have already found its bottom and is likely to recover in the near term.
Is demand enough to push BTC higher?
Although Whales have increased capital allocation in the last few days, the market has not yet responded positively. Momentum indicators still point to increasing downside momentum as the market structure remains weak and a downward trend prevails.
At the time of writing, Bitcoin’s SMI MFT remained negative and the SMI was at -43. When this indicator lies deep in the negative zone, it indicates the dominance of bearish momentum.
Therefore, sellers have complete control of the market. Often such a momentum build-up is preceded by a prolonged price decline.
So if the momentum continues, Bitcoin It will continue to struggle between $59 thousand and $61 thousand. However, if demand from whales finally materializes, it could push BTC to $64,500 and pave the way for a clear recovery.
Final Summary
- A newly created whale wallet has been purchased 1,350 BTC worth $81.87 million on Binance.
- The Bitcoin (BTC) market remains relatively weak; bears are still in control and demand for whales remains inadequate.
