Bitcoin’s most significant whale addresses have been buying over the past five weeks, accumulating a staggering 84,897 BTC despite stagnant prices. Top cryptocurrency analysts have reported that this massive accumulation run has piqued the interest of investors and traders concerned about the implications for Bitcoin’s price.
According to market data, the accumulation run by these key large whale addresses is reminiscent of a similar trend in January. During that period, the whales bought up a significant amount of Bitcoin, which led to a price surge of more than 34.4%.
In recent weeks, the largest Bitcoin addresses, known as “whale addresses,” have been amassing large amounts of BTC, piquing the interest of investors and traders. For more, read this tweet from Santiment.
Bitcoin (BTC), the leading cryptocurrency, experienced a slight setback as it encountered resistance near the crucial level of $30,062. Despite a recent positive streak, the bears gained momentum, pushing the BTC/USD price down by 1.03% in the latest trading session, according to data from TradingView.
The 4-hour chart on Tradingview reveals that Bitcoin recorded an opening price of $26,703.70, reaching a high of $30,062.67 and a low of $26,674.42. However, the closing price settled at $26,807.95, representing a modest gain of $105.28, or 0.39%.
Technical indicators, such as the Auto Pitchfork and MACD (Moving Average Convergence Divergence), were mentioned on the page, indicating their presence on the chart. However, the available information did not provide specific values or interpretations of these indicators.
Source: Tradingview
Bitcoin’s price action found resistance near the $30,062 level, suggesting a potential struggle for bulls to gain further ground. This resistance zone is crucial for determining the next major move in the BTC/USD pair. Traders and analysts will closely monitor whether Bitcoin can break above this level to regain bullish momentum or if a bearish trend will develop.
Bitcoin’s recent price performance has been a subject of interest for traders and investors alike. While the cryptocurrency has displayed resilience and significant gains in the past, the current technical indicators and resistance near $30,062 point to a potential period of consolidation or a further retracement.
Traders are advised to closely monitor Bitcoin’s price action, particularly its ability to break above the key resistance level. A successful breach of this level could signal renewed bullish sentiment and open the door for further price appreciation. However, failure to break above this level may expose Bitcoin to further downside risks, potentially leading to a plunge towards the $24,000 support level.
Disclaimer: The above analysis is based on the available information from the TradingView web page and is not financial advice. Readers should research, analyze, or seek professional guidance before making investment decisions.
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