Under the Christmas tree – Bulls pause at levels near $ 51,000. Nothing is definitively acquired after the rise in recent days, bitcoin (BTC) could lose a symbolic level again.
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The $ 51,000 to be secured: the whale alert cry
Bitcoin Rises Above $ 51,830 on Bitfinex today, December 24, 2021. The day is marked by back and forth sides of the $ 51,000. Bitcoin is trading at $ 51,029 at the time of writing, and is currently registering a daily gain of 0.15%.
Will the markets see another bullish impulse in the coming days? According to CryptoQuant data, the proportion of large inbound bitcoin flows from whales on exchanges compared to total inbound flows, rose rapidly as bitcoin crossed $ 51,000.
Would the whales prepare to massively sell these bitcoins deposited on the exchanges and would they already therefore jeopardize the current increase? A CryptoQuant analyst invites caution “Until BTC breaks $ 51,000 levels.”
The bulls are unable to fully secure the $ 51,000 at this time. Once bitcoin goes over $ 51,000 – and will manage to stay solidly above this level – ” next significant resistance will be around $ 56.8k “.
Bitcoin, a structural rise punctuated by one-off drops
Before bitcoin crossed $ 51,000, data platform CryptoRank said in its tweet yesterday, December 23, 2021, that the bitcoin reserves held by the exchanges have fallen to 6.2% of the circulating bitcoin supply.
This downtrend in the BTC balance of exchanges has started since the halving of 2020. In the short term, whales, however, could exert downward pressure losing the $ 51,000, and even the newly won $ 50,000. On a longer timescale, this continued decline in exchanges’ bitcoin reserves shows that bitcoin remains structurally bullish, despite occasional reductions.
The trend towards the accumulation of bitcoins continues, the hopes of an explosive end of the year 2021 remain valid. Short-term forecasts should not exclude the fact that whales could put markets back in the red for a few days, however.
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