The bitcoin price has risen nicely in recent days. Thus, it reached an important price point that needed to be broken. In addition, data shows that the big money (read, whales) are shopping!
Bitcoin price cannot recover for now
If you have been following the bitcoin news for a while, you will probably have noticed that BTC has been trading sideways for a long time. From June 21 to July 24, more than a month, the price traded between $29,500 and $31,500.
However, on July 24, BTC fell through to the downside. While the price could rise again towards the bottom of this range in the following days, it is the bulls it has not yet been possible to get the bitcoin price back into this range. This rejection can be clearly seen in the graph below.
For now, the main resistance zone remains the price point where bitcoin was rejected. At the time of writing, BTC is worth 29,240 on Coinbase. On the Dutch crypto exchange Bitvavo, the bitcoin price in euros thus amounts to 26,635. No Bitvavo account yet? Create an account via this link and receive 20 euros free credit.
Bitcoin whales are smashing BTC
Finally, an interesting tweet from analyst CryptoCon. He shows in a tweet that the bitcoin whales are accumulating with between 1,000 and 10,000 BTC.
“The Bitcoin Whales are growing
In fact, they have reached a significant tipping point!
Pay close attention to when this last happened after stagnation/distribution…
This is not 2019, when whale numbers plummeted
It is like for the powerful run of 2020 – 2021”
The #Bitcoin Whales are growing
In fact, they have made a full scale pivot!
Pay close attention to the last time this happened after stagnation/distribution…
This is not 2019, where Whale numbers took a dive
It’s everything like before the powerful run of 2020 – 2021 pic.twitter.com/u9MUaajhfs
— CryptoCon (@CryptoCon_) July 27, 2023
After a period in which whales sold a lot of bitcoins, after the collapse of FTX, that is now changing. The number of whales is increasing again.
Of course, no one knows whether the increase in the number of whales is again a harbinger of a major increase. It is interesting that the big money is buying bitcoin right now.