Bitcoin (BTC) Consolidating as Whales Lose Interest

sentiment data shows The current bitcoin consolidation is because whales or large BTC holders are losing interest. Notably, block transactions above $100k have dropped significantly over the past few weeks. A parallel analysis by Ali Martinez, an on-chain analyst, agrees with this observation. Currently, BTC price is trading in a tight trading range below the important psychological support at $20,000 on the spot rate.

How whales affect the price of bitcoin

This trend is evident not only in large whales but also in medium-sized whales. On the bitcoin network, large transaction volumes (over $100,000) have reached a yearly low of 8040 transactions, indicating a lack of activity among whales and institutions on the BTC network.

Other on-chain data also suggests that investor interest in buying BTC has waned. According to crypto analyst Ali Martinez, citing data from intoblockThe number of new addresses created on the BTC network has decreased by 8.16% in the past week. This decline in network activity indicates that investors may want to avoid buying BTC at its current price level.

bitcoin price action analysis

Bitcoin price volatility has reached an all-time low, making it challenging to predict which direction BTC price will move. According to the analyst, bitcoin is currently “resting between two large supply blocks” between the $16,600 and $17,000 price levels. Price level of 16000 is around 1.46 million addresses and 915K BTC. Meanwhile, at $17,000, it holds roughly 1.27 million addresses and 730K BTC.

However, Martinez advised that it’s worth noting that the market is constantly changing, which makes it difficult to make predictions. necessary for newbies And whale investors should carefully consider their risk tolerance and investment strategy before deciding to buy bitcoin.

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