On April 24, Bitcoin (BTC) continued to exert pressure towards significant resistance levels, according to reports, while large investors were reportedly purchasing the cryptocurrency at lower prices.
Bitcoin whales seize the day
The price of Bitcoin hovered around $67,000 following a rise at the end of the previous day’s trading session, according to information from CryptoMoon Markets Pro and TradingView.
Still within a narrow range, bulls continued to grind away at nearby order book liquidity.
Based on data from CoinGlass’s latest report, approximately $35 million in bids were added to Binance before the market closed yesterday. The majority of ask orders, representing the sellers’ liquidity, is now found between $67,000 and $67,500.
Looking at the order book over a 1-month period reveals how shifts in where liquidity is placed affect the market’s price movements. (Material Indicators’ insight on X, formerly Twitter)
“The NET effect of blocks of Bitcoin ask liquidity moving lower, and some blocks of bid liquidity moving higher tightens up the active trading range to roughly $62k – $68k.”
An accompanying chart additionally showed trading behavior among classes of Bitcoin whales.
The $1-$10 million order category stood out during April with a noticeable growth compared to other categories.
New insights from Santiment’s latest research reveal that wallets holding between 1,000 and 10,000 BTC ($66.7 million to $667 million) exhibit signs of “Fear of Missing Out” (FOMO).
“According to Santiment’s analysis, Bitcoin’s significant investors holding between 1,000 and 10,000 coins have contributed to its recent surge, amassing an additional 266,000 coins since the beginning of 2024.”
“This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of FOMO.”
Approximately a quarter of all Bitcoins currently exist in the possession of the whale class of Bitcoin owners, reaching for fresh peak holdings.
BTC price action sees “unsettling quietness”
The day before, trading firm QCP Capital proposed that crypto markets might experience tranquil conditions with minimal price swings for a while longer, followed by significant changes.
In their most recent “New York Color” reports shared with Telegram subscribers, QCP noted an unusual tranquility that left them feeling uneasy.
“The price of Bitcoin is currently hovering around the $60,000 mark, and its volatility has decreased, approaching approximately 60%.”
“Just last week, we had the fourth BTC halving and the market was panicking over the outbreak of war in the Middle East (which has since de-escalated).”
Experts pointed to the shift in Bitcoin funding rates and the gradual resurge of investment in U.S.-based Bitcoin exchange-traded funds (ETFs) on the market.
The update states that there is still a strong interest from traditional finance (TradFi) in our product, although the rate of demand is now more modest. BlackRock reported an impressive streak of 70 consecutive days with inflows.
“Is this the calm before the (bullish) storm?”
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2024-04-24 08:14