New research shows that Bitcoin whales are hoarding the cryptocurrency, keeping the price above a key resistance level until April 24, 2024.
According to Data from TradingViewThe latest daily close saw the Bitcoin price rise above $67,000, with bulls maintaining a tight range and moving away from order book liquidity for the BTC/USD pair.
Investor accumulation continues
Current statistics from blockchain data platform Coinglass Turns out that almost $35 million worth of bid walls were absorbed at the daily close on Binance, with most of the selling liquidity now located between $67,000 and $67,500.
The accompanying chart also displays trading behavior between different Bitcoin whale classes. Interestingly, unlike the others, risk in the $1-10 million order category increased by April. This is in line with current data from research firm Santiment, which shows that FOMO is now prevalent among wallets holding between 1,000 and 10,000 Bitcoin. Posted on Sentiment X,
Bitcoin’s leading whale levels holding 1K-10K $BTC are supporting this increase, and have now accumulated 266K more $BTC since the start of 2024. This means that 1.24% of the total supply has been accumulated. The crowd is also showing high levels of #FOMO.
What’s happening on the Bitcoin front?
Meanwhile, trading firm QCP Capital suggested that crypto markets may experience a period of low volatility before any significant changes occur. one in Market updates sent to Telegram channel subscribersQCP described the situation:
BTC is right in the mid 60/73k range and BTC front-end volume has fallen close to 60% […] Just last week, we had the fourth BTC halving and the market was nervous about the outbreak of war in the Middle East (which has since subsided).
What can we make of this uneasy calm in the markets?
While market participants expressed great anticipation of the Bitcoin halving, the price action failed to deliver on that basis. Reports indicate that Bitcoin miners Bitcoin reserves begin to accumulate near record amountsThe expectation is that the token will increase in value and offset the decline in new supply thereby halving the rewards for verifying transactions.
Nevertheless, so far the price is very close to where it was before the halving – currently around $66,000 – and even Transaction fees dropped sharply after the incident,
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