Monday, May 29

Bitcoin Whales This Week: How Does It Continue to Perform?

The Bitcoin whales advance in January adapting to what is happening in the market, what is notable is the contrast with previous weeks and that is what we will show in this report. From January 10 to 16, the Bitcoin whales have mobilized a total of 67,742 BTC through 42 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 needs to be put into context to better dig 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 table of the activity of the Bitcoin whales in the last week. Fountain: Whale Alert.

Summary and Analysis of Bitcoin Whales Activity This Week

The 42 operations recorded this week are relatively few, even less than the previous week, which also did not reach 100. However, this does not mean that the whales do not remain active.

At this time, we can say that the predominant trend was the transfer between exchanges. Specifically, 26,559 BTC were transferred in this way (39.20% of the weekly total). However, during the weekend there were no operations in this regard.

Next, the second strongest trend was the introduction of liquidity to the market. Thus, we have that 21,325 BTC passed from unknown wallets to exchanges during the last week. With this, it represents 31.48% of the weekly total.

In third place, we place the accumulation, with 19,858 BTC mobilized from exchanges to unknown wallets. In this way it becomes the weakest trend, representing 29.31% of the weekly total.

How has Bitcoin performed?

At the time of writing, Bitcoin is worth $42,982, which represents a 0.2% loss in today’s session. This represents a slight recovery from the bearish trend that prevailed throughout the week, but it is still not enough to say that there is a definite bullish rebound in the market.

BTC traded in a tight range this week, providing some relief to market participants after a volatile start to the year. According to various analysis firms, no fresh capital is entering the market and no one is willing to buy or sell. This would explain why there are not as many movements of the Bitcoin whales as usual.

Support is seen around the $40,000 price level, which could limit pullbacks in the near term. Still, the upside could be capped towards the $45,000/$47,000 resistance zone. Looking at the Bitcoin Relative Strength Index, one can sense that the bullish momentum is starting to wane on the weekly and monthly charts, reducing the chance of significant buying.