Bitcoin has stagnated since the second half of April, and only today support has returned.
On Thursday evening, May 6, the BTC rate rose to $ 57,500. The capitalization of the largest digital currency now exceeds $ 1.08 trillion.
Researchers from the Santiment team drew attention to the next activation of large investors or the so-called “whales”. Such players always try to buy when BTC falls or is trading in a narrow range. This is exactly the situation we have observed since the very beginning of May, the report says.
🐳 #Bitcoin has slid these past couple days, but as the crowd shows mild concern, new whale addresses have been created. The number of 1,000+ $ BTC addresses have jumped back to 2,234, with the largest single-day growth in new addresses (7) since March 31. https://t.co/lcsQTVICoQ pic.twitter.com/QJLLm51Zua
– Santiment (@santimentfeed) May 4, 2021
Analysts stressed that on May 3, there was the largest increase in the number of “whale” addresses containing at least a thousand bitcoins. The last time a similar surge in activity was observed at the end of March.
Currently, there are 2,234 wallets in the network, under the control of which are 1000 or more BTC. During the day, the number of large addresses increased by another 7, the researchers found.
The WhaleMap team analyzing the behavior of large bitcoin holders, stated that even if we re-enter the red zone, support should increase around $ 52,763. At this price, the whales acquired about 45,000 BTC. Accordingly, a more significant pullback is unlikely, otherwise major players risk being in the red.
Whale levels working pretty well as usual
Here is a tutorial on how to use themhttps://t.co/fhvNng0an1
So far, BTC is at a $52,763 whale support. About 45k Bitcoins were acquired by whales wallets at that price. Hence it should act as an important level for BTC. pic.twitter.com/yJLglXFqf4
— whalemap (@whale_map) May 5, 2021
However, a new leap forward, most likely, will not take place. Anxious sentiments are increasing in the derivatives market. Institutional investors are guided by a decrease in the BTC rate to $ 50,000 -52,000 by mid-May, experts say.