Bitcoin whales set a record for BTC value, alarming over price volatility

While Bitcoin price action may seem boring to many, data suggests that whales are busier than ever behind-the scenes. pic.twitter.com/FXvcCPPl57– Lex Moskovski (@mskvsk) September 28, 2021. Further analysis of their actions shows that different classes of whales have reacted differently to recent price events. Material Indicators data revealed this week that whales sold BTC, while mega whales bought and purple whales followed with another buy order.” pic.twitter.com/FXvcCPPl57– Lex Moskovski (@mskvsk) September 28, 2021 Further analysis of their actions shows that different classes of whales have exhibited different reactions to recent price events.”Smaller” whales have been selling, while the largest-volume investors have conversely added to their positions, data from on-chain analytics resource Material Indicators revealed this week.”Whales sold BTC, mega whales bought and purple whales followed with another buy order,” researchers commented alongside a chart of BTC/USD buy and sell levels.”If you are trying to understand these whale games, look to the thin liquidity they are trying to play to the upside.”Bitcoin whale exchange activity vs. BTC/USD chart. Source: Material Indicators/TwitterThat relative lack of resistance between current spot price levels of $42,000 and $46,500 has played out by BTC/USD repeatedly rejecting above $44,000.Expect “fast and volatile” Bitcoin below $40,000Meanwhile, further whale data warns that price volatility may be inbound. Related: Bearish Bitcoin Fractal with 78% Success Rate Flashes as BTC falls below $43.5KThe exchange whale ratio, which tracks the size and relative importance of the top 10 exchanges, is approaching levels that have caused unsettled price movement in the past. “So normally, this can be considered a short-term selling however, since we are in crucial areas, price needs to stay above 40K,” CryptoQuant, an on-chain analyst, said in an update on Sept. 28. “Price action below 40K can be volatile and fast.” Annotated chart of the Bitcoin exchange whale ratio. Source: CryptoQuantAs reported by Cointelegraph, it is expected that $36,000 will be the definitive floor in case BTC/USD loses $40,000 support.

Relevant news

Leave a Reply