Thursday, March 28

Bitcoin Whales in a Weekly Roundup: 96K BTC Mobilized With Which Trend?


The Bitcoin whales almost finished the month of January with some definite trends. All this in the midst of a cryptocurrency market that has suffered ups and downs in recent weeks. Below we bring you a summary of what their activity has been in the week.

From January 10 to 16, the Bitcoin whales have mobilized a total of 96,561 BTC through 70 operations. Below we will tell you the details and the influence that this may or may not have had on BTC.

As always, this activity must be put into context to better inquire into the status not only of the whales, but of the market as a whole. Before continuing, we must clarify that all the data in this publication can be viewed on the Whale Alert page and Twitter. This is only a micro approximation to one of the factors that can influence the performance of BTC, but it is not the only one.

Summary and Analysis of Bitcoin Whales Activity This Week

At this time, we can say that the predominant trend was accumulation. Specifically, 50,753 BTC were transferred in this way (52.56% of the weekly total). However, during the weekend there were almost no operations in this regard.

Next, the second strongest trend was the introduction of liquidity to the market. Thus, we have that 36,333 BTC passed from unknown wallets to exchanges during the last week. With this, it represents 37.63% of the weekly total.

In third place, we place the transfer between exchanges, with 9,475 BTC. In this way it becomes the weakest trend, representing 9.81% of the weekly total. It should be noted that no operation between unknown wallets was recorded in the Whale Alert reports.

How has Bitcoin performed?

At the time of writing, Bitcoin is worth $37,966, which is up 1.08% in today’s session. It also translates into a slight recovery from the downtrend that swept the cryptocurrency down to $33K, but it is still not enough to say that there is a definitive bullish rebound in the market. In fact, on a weekly level, it has been a constant struggle that cannot be broken in either direction.

The only thing that could be said is that short-term momentum appears to be improving on intraday charts. However, the accumulation trend of the whales indicates that they are currently unwilling to sell their BTC, and a more short-term pullback can be anticipated.

Some analysts would even expect it to touch $32K at some point in the week as that is where major resistance lies. On a technical level, all the indicators mentioned in TradingView They suggest this week you may feel “neutral,” with a 14-day relative strength index reading 39.67. But, the situation seems to be changing over the weekend, where the markers move more to the sell side, although at the moment the whales do not reflect this.



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