Bitcoins (BTC) Whale Activity Soars: Can It Break $86K?
- Bitcoins Exchange Whale Ratio has reached its highest level in a year, indicating increased whale activity.
- Bitcoin struggles to sustain upward momentum, with resistance at $86,000 and support at $76,600.
- A breakout above $82,000 and $86,000 resistance could push Bitcoin toward $90,000, pending strong volume.
Analytical platform CryptoQuant pointed out that there was such a significant change in the Bitcoin market because the Bitcoin Exchange Whale Ratio rose to the highest level in a year. This ratio of the top 10 inflows to the overall inflows in exchanges suggests that there is an upsurge in activity of the BTC whales. A high ratio means that these whales are likely using a big portion of their BTC deposits to invest in other assets or to shift to another exchange to sell their BTC at certain times in the market.
Key Levels for Bitcoins Recovery
Bitcoin has not been able to sustain the upsurge towards the north despite efforts to have a break out. This digital asset has been declining from its highest value of around $99,508 and was trading at a low of $76,600. There is an indication that BTC has begun to recover but this has been coupled with a reduced volume implying that the buyers are losing interest.
The price range of $86,000 to $87,000 remains a key resistance area for BTC and the former support of $76,600 level. It must rise above $82,000 to maintain this sort of trend for momentum to build up for a positive market sentiment.
Source: TradingView
In the BTC price analysis, traders and analysts are keen to see whether the cryptocurrency can get out of the resistance area. In this case, if BTC remains above the $82,000 support level and finally breaks through the $86,000 resistance level with good volume, the choice would open the way to the $90,000 mark.
The MACD, which indicates the ability to buy at the current price, enriches the potential for an upturn at this stage. This change of momentum would be profound, since it would suggest that the external environment could be moving into an up-cycle after having been under pressure for an extended period.
Whale Activity Impacts Bitcoin
However, the evidence of the influence of the market is still quite ambiguous. If BTC fails to augmented over the resistance level and cannot hold higher than $82,000, there will likely be selling pressure which may result to the lower end. The key factors that will dictate the further direction of the price movement for BTC are such indicators as whale activity, support and resistance levels, volume.
Although Bitcoin is on an upward trend again, the current activity of whales, and the conditions in the market imply that another wave of fluctuations is possible. It will be important for investor to look out for any break out above specific resistance levels since this market will continue to experience bearish run in the upcoming weeks.
Read more: https://www.tronweekly.com/bitcoins-btc-whale-activity-soars-can-it-break/
Text source: TronWeekly
