Key Points
- Bitcoin (BTC) continues to pressure key resistance, with whales reportedly buying the dip.
- Whales holding between 1,000 and 10,000 BTC are driving the price rise, accumulating more BTC since the start of 2024.
Bitcoin (BTC) continues to maintain pressure on key resistance points.
Research indicates that large Bitcoin investors, often referred to as ‘whales’, have been buying the dip.
Whales Seize the Opportunity
The price of Bitcoin hovered around $67,000 after a boost at the daily close.
Despite remaining within a narrow range, bullish traders continue to chip away at nearby order book liquidity.
Current data from CoinGlass, a monitoring resource, shows a bid wall of approximately $35 million on Binance was taken at the daily close.
The majority of ask liquidity now sits between $67,000 and $67,500.
Whale Trading Behavior
A chart accompanying the data shows trading behavior among different classes of Bitcoin whales.
The $1-$10 million order category, in contrast to others, increased exposure throughout April.
This finding is supported by Santiment, a research firm, which revealed that wallets holding between 1,000 and 10,000 BTC are experiencing “FOMO” (Fear of Missing Out).
These whales now own more than a quarter of the Bitcoin supply, heading for new record highs.
QCP Capital, a trading firm, suggested that the crypto markets might enjoy a final stretch of low volatility before a significant shift occurs.
Analysts pointed to the reset in Bitcoin funding rates and a slow but steady return of interest to the United States’ spot Bitcoin exchange-traded funds (ETFs).
The firm noted that traditional finance demand continues to stream in, albeit at a slower pace.