News

Whales boosted the price of Bitcoin to a significant extent

Advertisement

Recently, the price of Bitcoin reached one of the whales’ favorite points for buying, which brought predictable results, and we will discuss it further.

Data and analysis of Cointelegraph Markets Pro and TradingView show that Bitcoin has set a new record in its price ceiling of the last few weeks, which is approximately equal to 21,671 thousand dollars.

Advertisement

Analyzing these events, monitoring source Whalemap noted that the clusters purchased by the whales effectively allowed Bitcoin to get back into the game.

$19,000 has previously been a favorite area for buyers and thus was not breached during the review of the lowest price limits of the last two months.

According to Cointelegraph, two other key areas of support for the whales are $16,000 and $13,000. The whalemap team stated that the support of the whales in the 19k range almost perfectly contributed to the recent rally.

The chart above shows the importance of the $21,000 range that BTC/USD recently behaved like. In addition to being of interest to the whalers, this area served as a backup in mid-August before moving to resistance.

“Bitcoin remains at resistance and will likely consolidate here,” Michael VandePope, founder and CEO of trading firm Eight, told Twitter followers that day.

Source link

Adib

Adib Zahedi is the CEO and Founder of mazhd.com. He has nearly a decade of experience in IT, including two years spent working on a Youtube Chennal. He is also an author and writes articles for mazhd.com. Has articles include tutorials and covers everything from Windows PCs to smartphone's software.

Leave a Reply

Your email address will not be published.

Back to top button