Bitcoin whale clusters indicate that the price could be in a short-term trend reversal after BTC's recovery beyond $10,700.
In the past two days, BTC price rose by nearly 6% from $10,135 to $10,755 across major exchanges.
Whale clusters form when large investors accumulate Bitcoin and do not spend or move their holdings for significant periods of time.
In the short term, the three levels are likely to serve as potential support areas if BTC remains above $10,700.
According to the analysts at Whalemap, Bitcoin can remain in a bullish trend as long as it defends $10,407.
An interesting irregularity in the recent Bitcoin rally is that it has decoupled from gold, as Cointelegraph reported.
While gold dropped slightly by 0.32% in the last 24 hours, BTC rallied above $10,700.
Willy Woo, an on-chain analyst, said decoupling indicates that the momentum of Bitcoin is strengthening.
Earlier this week, data from Glassnode showed that the number of small Bitcoin addresses abruptly plunged in September.
If BTC rejects $10,830 and returns back below $10,500, the $9,800 to $10,830 range could cause BTC to stagnate over a prolonged period.
Bitcoin whale clusters suggest BTC trend reversal
Publicado en Sep 26, 2020
by Cointele | Publicado en Coinage
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