Bitcoin
BTC$27 087.02

-0.27%

Ethereum
ETH$1 894.54

-0.31%

Tether
USDT$1.000266

0%

Binance Coin
BNB$306.22

-0.05%

USD Coin
USDC$0.999950

-0.01%

XRP
XRP$0.523003

0.07%

Bitcoin whale clusters suggest BTC trend reversal


26 Sep 2020

#Bitcoin

Bitcoin whale clusters show the $10,407 level has turned into a strong support area, raising the chance of a renewed bullish uptrend. Bitcoin (BTC) whale clusters indicate that the price could be in a short-term trend reversal after BTC’s recovery beyond $10,700. In the past two days, BTC price rose by nearly 6% from $10,135 to $10,755 across major exchanges.

Whale clusters form when large investors accumulate Bitcoin and do not spend or move their holdings for significant periods of time. This typically indicates that whales expect BTC price to increase in the near term.

Whalemap, an on-chain analysis firm that tracks whale activity, identified $10,407, $10,570, and $10,667 as whale clusters. In the short term, the three levels are likely to serve as potential support areas if BTC remains above $10,700.

Bitcoin market sentiment is turning optimistic


According to the analysts at Whalemap, Bitcoin can remain in a bullish trend as long as it defends $10,407. The analysts emphasized that the trend suggests “bulls have won,” as the market sentiment improves from the recent upsurge. They explained:

“Feels like bulls have won. Many supports below at $10,407 and $10,570 and volume profile support at $10,500. Should not be going below $10,407 to stay bullish.”

An interesting irregularity in the recent Bitcoin rally is that it has decoupled from gold, as Cointelegraph reported. While gold dropped slightly by 0.32% in the last 24 hours, BTC rallied above $10,700.

Willy Woo, an on-chain analyst, said decoupling indicates that the momentum of Bitcoin is strengthening. He said:

“Bitcoin will decouple from traditional markets soon, but driven by its internal adoption s-curve (think startup style growth) rather than changes in perceptions as a hedging instrument by traditional investors.”

Atop the various technical factors buoying the uptrend of Bitcoin, the current fundamentals project a positive near-term outlook. 

Earlier this week, data from Glassnode showed that the number of small Bitcoin addresses abruptly plunged in September. Despite this, the analysts at Glassnode noted that the data is not concerning and does not impact network fundamentals. They explained:

“The recent drop in #Bitcoin addresses holding ≥ 1 $BTC is of no concern and has no relevance regarding network fundamentals. This was merely an exchange doing inhouse cleaning, and merging a bulk of small UTXOs in separate addresses into a single one.”

What do traders expect next?


Cryptocurrency trader Edward Morra believes that the market has to move above $10,830 to confirm a bullish continuation. If BTC rejects $10,830 and returns back below $10,500, the $9,800 to $10,830 range could cause BTC to stagnate over a prolonged period. Morra said:

“Below daily resistance, above daily support = Ranging market. Price currently at a bearish throwback at $10,830. If we move above, expect a re-test of daily resistance at $11,200. Not interested in trading chop range - Wait for expansion. Support = $9,800 - $10,100.”

Source


Related

Tips to Choose the Right Second Citizenship Program
Tips to Choose the Right Second Citizenship Program
Bitcoin set for a deeper correction
Bitcoin set for a deeper correction
Bitcoin falls under pressure
Bitcoin falls under pressure
Bitcoin sticks to bull trend on banks' woes
Bitcoin sticks to bull trend on banks' woes
Save 20% on your ECN fees: New offer from AMarkets
Save 20% on your ECN fees: New offer from AMarkets
What BlackRock is doing and why
What BlackRock is doing and why
Crypto seeks support
Crypto seeks support
Bitcoin price holding $27K could open buying opportunities in BNB, ADA, XMR and TON
Bitcoin price holding $27K could open buying opportunities in BNB, ADA, XMR and TON
The BTC has dropped to 29931 USD
The BTC has dropped to 29931 USD

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 93.2% 9 $27 087.02 -0.27% -0.06% $525 275 860 361 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90.4% 5 $1 894.54 -0.31% 2.56% $227 788 525 796 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000266 0% -0.02% $83 174 583 635 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.8% 3 $306.22 -0.05% -0.74% $47 726 034 527 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $0.999950 -0.01% -0.02% $28 902 979 509 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 77.6% 45 $0.523003 0.07% 10.63% $27 189 376 584 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 94.8% 5 $0.379137 0.78% 2.17% $13 229 654 737 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 91.6% 10 $0.072900 0.75% 0.19% $10 178 444 950 DOGE 7 days price change
10 Solana (SOL) SOL Solana predictions 82% 26 $21.28 0.54% 4.16% $8 445 521 119 SOL 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 84.4% 24 $0.902754 0.60% -2.77% $8 377 081 385 MATIC 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 79.6% 41 $0.081565 -3.18% 5.43% $8 293 183 944 WTRX 7 days price change
13 TRON (TRX) TRX TRON predictions 75.6% 46 $0.081676 -3.05% 5.19% $7 366 637 548 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 79.6% 43 $95.13 0.59% 6.20% $6 951 023 390 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.4% 7 $5.33 1.27% -0.64% $6 346 171 816 DOT 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2023 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.