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
Mentioned in this article
Another mainstream company is seeking approval to invest in crypto
Anthony Scaramucci's investment firm, SkyBridge, seeks approval from the SEC to invest in crypto.
COVID-19 popularized decentralization, but blockchain may not catch on
On Nov. 9, drugmaker Pfizer announced that its COVID-19 vaccine is 90-plus percent effective, and even though it may be premature to proclaim the pandemic's end - as the virus continues to rage in the United States and Europe - once can at least speculate: Where will blockchain adoption stand when the crisis abates?
Bitcoin hits new 2020 high at $16.7K -Traders expect bigger breakout
The price of Bitcoin hit a new yearly high at $16,717 on Binance.
The next big crypto market could be fantasy sports, says Messari
As "Digitally native" ecosystems like esports continue to synergize with blockchain technology, industries like fantasy sports could be primed for mass adoption, says digital research firm Messari.