Whalemap, a research firm that researches and analyzes major Bitcoin investors and their activities, commented that clusters of short-term investors are in the $ 10,570 price zone.
Whaling clusters where large-scale investors buy Bitcoin but do not carry, spend or exchange the token; it often has a price zone that becomes a point that can affect the market. As explained by Whalemap:
“The bubbles show where the unspent Bitcoins have accumulated. The larger the bubble, the more unspent Bitcoin there. This means that the Bitcoins are not moved because they “entered” a whale wallet. ”
Whale investors prefer to buy Bitcoin at a low price, keep it unspent, and then sell it at breakeven (depending on the course of the market) or profit. If the whales perceive that the market is unhealthy or in a downward trend, it could be an area where they break at $ 10,570 and sell their cryptocurrencies.
Whale Resistance Is Associated With The Bitcoin Market
According to Whalemap, the resistance point Bitcoin is trying to break upwards for Whales stands between $ 10570 and $ 11288. The firm wrote:
“Not surprisingly, these two whale cluster resistance points coincide with the same basic resistance levels for Bitcoin in short-term token trading. If Bitcoin can overcome this resistance, it will find new support and see healthy growth. For Bitcoin to gain and maintain a positive trajectory, it will not need to retest the resistance range between $ 11,000 and $ 11,300 and crash. ”
Cautious Optimism For The Future Of The Bitcoin Market
Since the Bitcoin halving, cryptocurrency miners have received half of the miner block reward. Despite this, there appears to be an increase in network activity for the Bitcoin market. According to researchers, miner fee deposits on the central cryptocurrency exchange have increased:
“Currently, almost 10% of all Bitcoin miner fees are spent on transactions that deposit BTC / dollars into central exchanges. This situation has doubled since the beginning of the year and brought levels we haven’t seen since the end of 2017. ”
If the market activity continues to grow with a positive outlook, the sentiment of the cryptocurrency industry will increase. In such a situation, the perceived value, transaction volume and ultimately price of Bitcoin may rise.