Bitcoin whales drive price above $67,000 resistance
New research suggests that Bitcoin whales have been accumulating the cryptocurrency, keeping the price above a crucial resistance level until April 24, 2024.
According to data from TradingView, Bitcoin’s price witnessed a surge to $67,000 following the latest daily close, with bulls maintaining a tight range and moving away from order book liquidity for the BTC/USD pair.
Investors Continue to Accumulate
Current figures from the blockchain data platform CoinGlass reveal that approximately $35 million worth of bid walls were absorbed at the daily close on Binance, with most of the selling liquidity now positioned between $67,000 and $67,500.
An accompanying chart also displayed trading behavior among various Bitcoin whale classes. Interestingly, unlike others, the $1-10 million order category increased risk until April. This aligns with current data from research firm Santiment, indicating that FOMO is now prevalent among wallets holding between 1,000 and 10,000 Bitcoins. Santiment posted on X:
Bitcoin’s key whale tier holding 1K-10K $BTC are supporting this rise, and have now accumulated 266K more $BTC since the start of 2024. This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of #FOMO.
What’s Happening on the Bitcoin Front?
Meanwhile, trading firm QCP Capital suggested that crypto markets might experience a period of low volatility before any significant changes occur. In a market update sent to Telegram channel subscribers, QCP described the situation:
BTC is right smack in the middle 60/73k range and BTC front-end vols have trickled down closer to 60% […] Just last week, we had the fourth BTC halving and the market was panicking over the outbreak of war in the Middle East (which has since de-escalated).
What can we make of this unsettling quietness in the market?
While market participants showed great anticipation of the Bitcoin halving, the price action failed to deliver on that premise. Reports indicate that Bitcoin miners started stockpiling near-record amounts of Bitcoin, hoping the token will rise in value and offset a drop in new supply that will cut the rewards for verifying transactions in half.
Still, so far the price is very near where it was before the halving — currently at about $66,000 — and even transaction fees have fallen sharply following the event.
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