The price of BTC has been recovering from a rapid decline that began last Wednesday and lasted until yesterday; now volatility is causing various Bitcoin whales to mobilize their currencies, which may be giving us signs of what may happen next.
At the time of this writing, BTC is trading at $ 50,792, accumulating a profit in the last 24 hours.
If you want to know what the whales are doing and what this could mean, check this out.
Bitcoin whales are moving their coins to exchanges
In the last 24 hours, Bitcoin whales have moved approximately 17,800 BTC, which means quite a relevant volume if we compare it with previous days.
Most of these movements are deposits made to the main cryptocurrency exchanges and shipments from one exchange to another, which tells us about an important intention of these participants to trade with their currencies, instead of accumulating with an eye to the future .
Only one of those transactions carried out in the last hours was with the intention of holding hands, and it was the one that occurred approximately 2 hours ago, where 978 BTC were withdrawn from Coinbase to a wallet.
Fear gains ground in the market
All the anguish that the FUD has been generating over Elon Musk’s tweet is reflected in the movement of the BTC coins. Thanks to this, today the average amount of deposits in exchanges reached a maximum of one year.
Without a doubt, the deposits that the Bitcoin whales are making in the exchanges may be generating some volatility in the short term, and the lashes are most likely downwards, due to the feeling of fear that exists in the market.
Ki Young Ju, analyst and CEO of Crypto Kant, tells us that care should be taken if you are a derivatives trader, products generally used with leverage. This alert is due to the whales depositing their coins in exchanges.
However, he also points out that if you are a long-term investor, there is nothing to worry about. Our investment is like that of the institutional ones in the United States.
Relevant support levels for BTC
Despite the drop, the bulls appeared to defend the price as the large demand zone surrounding $ 46,000 was reached.
According to a chart that tracks whale behavior, published by Whalemap, there is a strong support zone around $ 48,000.
BTC is trying to maintain that support at $ 48,000, even with the negative that the movements of the Bitcoin whales signify.
We are still seeing a slight bearish tilt, which could continue to affect in the very short term. For this to change, BTC should start to make higher lows and highs, observable from the daily chart.
At the moment it seems likely to lose support at $ 48,436, and go thanks to volatility to $ 43,727. However, any bearish intention would be quickly rejected, as the dominant force is undoubtedly that of the bulls.
All our publications are informative in nature, so in no case should they be followed as investment advice.