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