According to Whalemap, there are three major Bitcoin whale clusters in the near term that might serve as key technical levels.
In previous cycles, whale activity coincided with significant price movements at crucial technical levels.
What are whale clusters and why are they important?
Whale clusters form when whales buy Bitcoin and do not move their BTC holdings.
The larger Bitcoin whale cluster has formed at $11,857, with previous clusters at $11,288 to $11,465.
Now, Bitcoin would have to remain above $11,857 or consolidate above it to see a broader rally.
Why are whales accumulating BTC at these price points?
Whales might have been buying all the way from early $11,000s to $12,000 due to the context of the current rally.
The institutional demand for BTC has considerably spiked as seen by the rise of the CME Bitcoin futures market.
The confluence of BTC's resilience above $11,900, an important whale cluster, as well as various favorable technical factors may help BTC/USD overpower several bearish signals in the short term to keep the current rally going.
Bitcoin whale clusters pinpoint 3 key levels for BTC price rally to continue
pubblicato su Oct 24, 2020
by Cointele | pubblicato su Coinage
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