The four factors that show Bitcoin's momentum remains strong are whale inflows, a strong market response, resilience above each whale cluster, and high open interest.
Whales are not selling large amounts of BTC. According to data from CryptoQuant, whales are not selling large amounts of BTC. This trend is noteworthy because Bitcoin is testing a heavy multiyear resistance level at $18,000.
Ki Young Ju, the CEO of CryptoQuant, said the Exchange Whale Ratio remains low.
If the selling pressure coming from miners and whales remains low in the short term, BTC could have sufficient firepower to kickstart a broader rally.
Whalemap, an on-chain market analysis firms that tracks whales, have found a similar trend.
The analysts said that whales accumulated BTC throughout November The price points from which whales bought BTC are holding.
In the near term, the key whale cluster support for Bitcoin is at $16,411.
A whale cluster forms when whales buy Bitcoin at a certain price level and do not move them elsewhere.
In addition to favorable whale data that depict the resilience of Bitcoin, every major dip has been quickly bought up in the last 24 hours.
Based on the optimistic whale data and the market's strong reaction to large dips, the chances of the next volatiltiy spike favoring Bitcoin are higher.
4 reasons why Bitcoin's bull run is intact despite a surprise stop hunt
Published on Nov 19, 2020
by Cointele | Published on Coinage
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