Bitcoin whales are seeing a sharp increase in accumulation. Bitcoin price rallied above $35,000 for a 5% gain. So what’s going on in the BTC market? Let’s examine critical data together…
Bitcoin whales see sharp increase in savings!
Bitcoin price continues to consolidate below $36,000 with strong support at $33,000. However, whale addresses holding 1k-10k BTC have recorded a sharp rise, indicating a significant increase. The top cryptocurrency is also up 5% over the past 24 hours, rising from a daily low of $32,893 to $35,230. BTC has moved between $30,000 and $40,000 for the majority of the last two months after seeing a massive sell-off in the second week of May.
Bitcoin will need to break the immediate resistance of $36,000 before it moves any further, it partially succeeded last week. However, it failed to hold the gains and fell below the sudden resistance again. Developed by renowned on-chain strategist David Puell, multiple metrics take into account miner revenue as well as Bitcoin’s supply side, the aggregated data is then used to create a 1-10 scale chart. A value above 8 is considered a sell signal, while a value of 0.5 is considered a buy signal. The current value has dropped below 0.5 for only the fifth time in Bitcoin history.
Buy history signal has arrived! What levels are next?
In all four past events, Puell Signal showed a market bottom where the BTC price soon recovered. Bitcoin whales seem to be following the buy signal right now and more investors may join them soon. Cryptocoin. com
As we reported earlier , Wyckoff trading in Bitcoin also plays an important role, as BTC is currently testing the spring after the accumulation phase.
Popular analyst Rekt Capital suggests that for the leading cryptocurrency to rise above $40,000 again, it must first consolidate above $36,000 and then above $38,000. The Wyckoff pattern is indicated by a strong accumulation phase with higher lows followed by a bearish or pop-up phase. Rekt Capital says the following on the subject:
If this is indeed a Wyckoff accumulation and BTC has recently formed its spring, test and third low… BTC dollar must break $36,000 (black) to expand to $38,000 later. After that, BTC will diverge towards the middle of $30,000. Highs of $40,000 will follow next.
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