The whales transferred 26,559 BTC between cryptocurrency exchanges while moving 21,325 BTC from unknown wallets to those platforms. As the price has support at around USD 40,000, the upward trend might be in the USD 45,000/USD 47,000 resistance zone.
This month, the Bitcoin whales have been adapting to what is happening in the market. However, there is a contrast to previous weeks, which this report will show.
Over the last seven days, the Bitcoin whales have moved 67,742 BTC through 42 transactions. Below are the details of those operations and how they may have influenced the price of BTC.
Of course, it is necessary to contextualize that activity to better dig into the status of the whales and the market as a whole. However, this is only a micro approach to one of the factors that may influence the performance of BTC.
Analysis of the Activity of the Whales in the Last Week
The 42 operations the Bitcoin whales made over the last week are even fewer than in the previous seven days. Although the figures in both periods did not reach 100, that does not mean that the whales do not remain active.
The predominant trend was the transfer of 26,559 BTC between exchanges, equivalent to 39.20% of the weekly total. However, there were no operations of that type during the weekend.
The second-highest trend in the last week was the introduction of liquidity to the market. Thus, 21,325 BTC went from unknown wallets to cryptocurrency exchanges, representing 31.48% of the weekly total.
Accumulation was the third-highest trend, as the whales only moved 19,858 BTC from cryptocurrency exchanges to unknown wallets. In that way, it became the weakest trend, representing 29.31% of the weekly total.
The Performance of Bitcoin Over the Last Week
Bitcoin is currently trading at around USD 41,966 and has accumulated a 0.4 loss in the last 24 hours. That shows that it has slightly recovered from the bearish trend prevailing throughout the week. However, it is still not enough to indicate a definite bullish rebound in the market.
BTC has traded within a tight range in the last week, relieving market participants after the volatile start of the year. Various analytics firms indicate that no fresh capital is entering the market, and no one is willing to buy or sell coins. That seems to explain why the Bitcoin whales have not made as many movements as usual.
The price has support at around the USD 40,000 level, limiting pullbacks in the near term. Despite that, the upward trend might restrict itself to the USD 45,000/USD 47,000 resistance zone. According to the Bitcoin Relative Strength Index, the bullish momentum is starting to wane on the weekly and monthly charts. That reduces the possibility of significant buying by the whales.
The price of Bitcoin is 39% below the all-time high of USD 69,044.77 that it reached on November 10th, 2021. However, the crypto asset still leads the market due to its capacity to recover from the worst crisis it has shown throughout its history. It is only a matter of time before it reaches record levels again.
By Alexander Salazar
