“Whales” bought more than 10 thousand bitcoins (BTC) during the fall in the price of the coin from $99 thousand to $90 thousand, said cryptanalyst Ali Martinez, citing data from Santiment. This course correction lasted five days – from November 22 to 27, writes RBC Crypto.
The term “whales” refers to large holders of cryptocurrencies, such as MicroStrategy or Tesla. The balances of their addresses contain 1 thousand bitcoins or more. At the same time, these assets are usually managed by experienced market participants, and therefore small investors try to track movements on the crypto-wallets of “whales” and include them in their analytics.
There is an opinion that if whales start selling coins, this may portend a fall in the exchange rate. And, conversely, if the “whales” replenish their reserves, then the price of the cryptocurrency may go up. However, in the case of this information, attempts to manipulate the market cannot be ruled out.
After Bitcoin fell below $91 thousand, its rate reversed.
Galaxy Digital previously noted that now, as soon as short-term Bitcoin buyers take profits, the cryptocurrency can find “reliable support” and make another attempt to overcome the $100 thousand level.
According to Martinez, one of the key support levels to watch for Bitcoin is $93,580, as 667,000 addresses bought nearly 504,000 BTC at that price. It is necessary to stay above this level in order to not give these buyers a reason to sell, the analyst explained.
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Source: Cryptocurrency
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