- Bitcoin whale clusters indicate the digital currency could be in a short-term trend reversal
- BTC whales expect the digital currency to surge higher in the near term
- Bitcoin needs to hold gains over the $10,407 mark to remain in the bullish zone, Whalemap analysts
Bitcoin News Today – Bitcoin whale clusters have shown that the $10,407 mark has turned into a strong support zone, increasing the chances of a renewed bullish uptrend. BTC whale clusters show that the price of the digital currency could be in a near term trend reversal after it recovered over the $10,700 mark.
Whales Expect Bitcoin Price to Increase in the Near Term
Over the past two days, the price of the digital currency surged by about 6 percent, from $10,139 to $10,755, across top digital currency trading platforms. Whale clusters form when large investors accumulate BTC and do not move or spend their holdings for a very long time. This usually means that whales expect the price of the digital currency to surge in the near term.
An on-chain analysis company that tracks whale activities – Whalemap – identified $10,407, $10,570, and $10,667 as whale clusters. In the near term, those three pivotal points are likely to serve as potential support zone if the digital currency remains over the $10,700.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Would Remain in a Bullish Zone Provided It Holds Gains over $10,407
Analysts at Whalemap said that Bitcoin would remain in a bullish zone provided it holds gain over the $10,407 support level. According to the analysts, the trend indicators “bulls have won,” as market sentiments improve from the recent upsurge. They said:
“Feels like bulls have won. Many supports below at $10,407 and $10,570 and volume profile support at $10,500. Should not be going below $10,407 to stay bullish.”
On fascinating irregularity in the recent rally of Bitcoin is that it decoupled from gold, according to a recent report by Cointelegraph. While the price of gold plunged slightly by 0.32 percent over the past day, the price of Bitcoin surged over $10,700.
An on-chain analyst – Willy Woo – said that for BTC to decouple, it means its momentum is gaining strength. Woo said:
“Bitcoin will decouple from traditional markets soon, but driven by its internal adoption s-curve (think startup-style growth) rather than changes in perceptions as a hedging instrument by traditional investors.”
What Are the Expectations of BTC Traders?
Edward Morra – a digital currency trader – believes that the price of Bitcoin must move over the $10,830 mark to confirm a bullish continuation. If the price of the digital currency is rejected around that level and it plunges below the $10,500 mark, the $9,800 to $10,830 range could cause Bitcoin to stagnate over a very long period. The trader said:
“Below daily resistance, above daily support = Ranging market. Price currently at a bearish throwback at $10,830. If we move above, expect a re-test of daily resistance at $11,200. Not interested in trading chop range – Wait for expansion. Support = $9,800 – $10,100.”