Forex and Crypto News

Whales accumulate Bitcoin again

16:44 10 June /2020

In early June, Bitcoin showed a rather chaotic movement. On the first day of June, Bitcoin was able to rise above $10000, the first time since February. The next day, it fell below $9500 and is trading around the level of $9700 now. Such a sharp price movement led to the fact that positions worth more than $240 million were liquidated on BitMEX exchange.

But, despite this, the whales seem to have begun to accumulate Bitcoins. And this most often signals an approaching price rally.

According to Santiment, the number of wallets with Bitcoins by more than $1 million is growing again. Despite the consolidation of Bitcoin, the number of wallets containing 100 BTC or more is increasing. 43 wallets overcame a balance mark of 100BTC or more.

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Source: Santiment twitter

As the chart shows, the area of ​​$9700- $10000 gives enough resistance to Bitcoin. In this area, approximately 833 000 addresses have acquired 570 000 BTC. In the case of passing this area, Bitcoin will be able to rise to the $12000 area, since there are no large accumulations of cryptocurrency between the 10k and 12k levels. On the other hand, 2.23 million addresses bought nearly 1.5 million BTC at an average price of $9640. Therefore, the area of ​​$9460– $7750 may contain Bitcoin from a sharp decline.

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However, the question of where Bitcoin will go remains open. The whales have acquired enough coins to influence the dynamics of the price of Bitcoin. They can coordinate the buying and selling activities and manipulate the market as they wish.

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