The price of the pioneering cryptocurrency is struggling to stay above USD 60,000, which is why the whales began to react. The value of the pioneering cryptocurrency has remained relatively flat during the last seven days, while that of some altcoins has risen.
Observing the movements of the Bitcoin whales allows knowing the current situation in the market of the pioneering cryptocurrency. According to reports from Whale Alert, that group of holders recently moved 29,445 BTC, which seems to be somewhat lower than on other occasions. Although it is just a micro analysis, it shows the unusual way those investors conducted their transactions.
The whales moved 28,315 BTC through 17 operations, most of which occurred from unknown wallets to exchanges. That implies a trend towards the introduction of 10,949 BTC of liquidity into the cryptocurrency market. That is the first time that it has exceeded the accumulation level during the week. On November 5th, it had only reached 1,793 BTC through four operations.
However, there have been three transfers between unknown wallets for 15,100 BTC over the week. No one has confirmed yet whether or not it is the same address making similar movements on different days. Lastly, the most recent transaction recorded occurred between exchanges for a total of 473 BTC.
According to data from Whale Alert, there were recently two trades where holders moved 700 BTC from an exchange to an unknown wallet. In the opposite direction, there was a trade for 430 BTC. Therefore, the whales have only moved 1,130 BTC so far, for a total of 28,315 BTC in just one day.
A Brief Analysis of the Movements of Bitcoin
In the last week, the Bitcoin whales conducted at least 40 transactions, in contrast to previous ones. The price of the cryptocurrency at USD 64,000 on November 2nd might have contributed to that.
The value of Bitcoin has pulled back since then and now is around USD 60.6 thousand after losing 0.47% in just one day. The range of the price of the crypto asset remains between USD 60,138 and USD 61,581
Observing the Context of Bitcoin Besides the Movements of the Whales
It will be impossible to notice some things about Bitcoin just by following the movement of the whales. Observing Bitcoin in context allows comparing the evolution of its price to that of other crypto assets. For example, the value of the pioneering cryptocurrency remained relatively flat during the last seven days. In contrast, Ether (ETH) had a 4% increase while Solana (SOL) had a 23% rise during the same period.
Investors could be looking for the next catalyst for another upward trend, but its lack could make BTC vulnerable to a breakout below USD 60,000.
This year, Bitcoin has had two bullish streaks, which were different from those of previous years. A distinction has been the decrease in the expectation of volatility. Besides, recent studies suggest that the trading volume in the BTC spot market continues to drop despite the recent increase in its price. Therefore, the market seems to be looking to defend the USD 60 thousand support level.
By Alexander Salazar
