Bitcoin [BTC] just concluded a very exciting week observed in a while now. This was because the cryptocurrency’s downside in October continued to build on the bearish performance since mid-August. As A result, the recent rally relieved the tension in the market downturn, hence excitement during last week’s rally. But can the bulls maintain this […]
This analysis might hold true because the latest upside was not characterized by long daily candles to indicate strong big buys. This didn’t necessarily mean whale activity was absent. In fact, some bullish pressure from addresses holding between 10,000 and 100,000 BTC through-out the month was witnessed. Last week’s performance saw surge in buying pressure from addresses in the 100 to 100,000 bracket.
Addresses holding between 100 and 1,000 coins also saw net outflows during the week. This indicated profit taking by whales as prices went up. Addresses holding between 100,000 and 1 million registered a sharp outflow on 25 October. This whale category likely represents exchange addresses.The above analysis also showed that the accumulation by top addresses levelled out. In addition, an increase in exchange reserves in the last seven days was also observed.
Bitcoin’s long-term holder SOPR had a 0.69 value at press time. This meant that long-term hodlers were still on the realized loss side of things. All the above information pointed heavily on the expectations of another bearish retracement. This meant that Bitcoin might be doomed to extend its stay in the lower range. A look at its price action revealed that it was already experiencing resistance within the $20800 range. The same range previously acted as support and resistance in the last few months.It will hard for Bitcoin to maintain the short-term upside without whale and institutional demand.
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