New data from Whalemap suggests that in order to maintain bullish momentum Bitcoin price needs to hold above the $14,914 level.
Whale clusters, like the bubbles shown on the chart below, form when high-net-worth investors purchase Bitcoin and do not move them.
In the near term, it is crucial for Bitcoin to remain above $14,914 for a prolonged period.
Throughout the past week, Bitcoin has seen unusual price action and been quite volatile in a broad range.
The election risk noticeably benefited Bitcoin as investors sought out safe-haven assets.
Pfizer's vaccine breakthrough became an unexpected variable, causing Bitcoin and gold to plunge.
Despite these uncertainties, Bitcoin has remained comfortably above $13,600, a level which Whalemap analysts pinpointed.
As Cointelegraph previously reported, CryptoQuant CEO Ki Young Ju said in an interview that miners have been selling Bitcoin.
Bitcoin is seeing massive volatility because the market is uncertain.
The lack of clarity in the direction of Bitcoin is being shown by both the unusual price action and the mixed messages of on-chain data points.
Bitcoin whale clusters signal $14.9K is the crucial level for BTC to hold
Published on Nov 10, 2020
by Cointele | Published on Coinage
Coinage
Mentioned in this article
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.