A Bitcoin-loving future American president? The Democratic candidate Robert F.Kennedy Jr. would hold no less than $250,000 in bitcoins. Good news for cryptocurrency enthusiasts who clearly need a little support from the upper echelons. For his part, the bitcoin price continues to evolve in a row. Buyers and sellers neutralize each other. The whales seem to have chosen their side.
Bitcoin price climbs 1.4% in 24 hours
Bitcoin returns to green at the end of the day. It shows an increase of 1.4% in 24 hours. However, within a week, the bitcoin price fall from close 2%.
Since one monththe BTC displays a 19% increase. In six monthsthe BTC displays a rise impressive up close 70%. For its part, the pair BTC/ETH stagnates in 24 hoursbut she is rise moreover 2% in one week.
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The whales distribute their bitcoins
On-chain analysis makes it possible to know the movements present at the level of the blockchain. Thus, we can know the whale behavior, which have wallets that can potentially have a big impact on the price of Bitcoin. In fact, whales are entities with more than 1,000 BTC in their portfolio, but we will focus here on entities with more than 10,000 BTC.
These entities have distributed throughout 2021. The quantities in BTC being very large, it takes demand to be able to sell at the desired prices. A bull market as we experienced in 2021 is perfect for getting rid of your precious bitcoins. Since 2022the start of the bear market, these traders decided to change behavior. In fact, they have accumulated until the end of 2022. Since then, the whales have decided to distribute. The selling pressure being important, it will take demand to avoid experiencing a new wave of declines in cryptocurrencies.
The price of Bitcoin tries to regain the level at $30,500
Bitcoin is in a tidy for more than two weeks. The course attempts to resume the intermediate level of the range located at 30,500 dollars.
The course at the Possibility of bounce here and come back to the level of the resistance at $31,500. Whatever happens, it will be necessary to break this level to try to return to the level of the next resistance at $35,000. If this fails, the price could return to the bottom of the range around $29,800. THE ROI tries to break the bearish trendline. Buyers are once again in control of short-term momentum.
THE whales currently have a behavior of distribution. Indeed, entities with more than 10,000 BTC in the portfolio are benefiting from the rise in BTC to resell those they have accumulated in 2022. The course keep swinging between $31,500 and $29,800. Buyers are trying to retake the level at $30,500. Therefore, a return to the resistance level at $31,500 is to be considered.
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