• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Whales are Accumulating Bitcoin Despite Its Stalling Momentum

Written by:
Aeon Flux
Published on:
16 August 2020
Thoughts:
No comments yet

Bitcoin’s multi-week consolidation phase comes close on the heels of the strong uptrend that the cryptocurrency was able to post late last month.

Despite its macro outlook remaining incredibly strong, it appears that Bitcoin’s short-term outlook is being impeded by the heavy resistance at $12,000.

Buyers attempted to shatter this level yesterday, although the selling pressure here proved to be too significant.

It is important to note that yesterday’s bid at this level did not catalyze any sharp pullback or rejection, signaling that buyers are building up strength.

Another factor that could bode well for BTC as it nears its crucial near-term resistance is that whales have been heavily accumulating the benchmark cryptocurrency over the past few weeks, apparently not being concerned about its stalling momentum.

Periods of intense whale accumulation aren’t always directly followed by any type of breakout rally, but they do bode well for the asset’s mid-term outlook.

Bitcoin Trades Beneath Key Resistance as Bulls and Bears Reach an Impasse 

At the time of writing, Bitcoin is trading up marginally at its current price of $11,900.

Yesterday, bulls did make a bid at breaking $12,000, but the selling pressure here once again proved to be insurmountable.

That being said – unlike the rejection seen last Saturday – the cryptocurrency has been able to maintain its stability in the time following this rejection. This is a sign that bulls are building strength.

Some investors have speculated that Ethereum’s strength will be enough to guide the cryptocurrency higher – as ETH recently posted a breakout rally that allowed it to climb from lows of $370 to highs of $450.

For the time being, one analyst is expecting Bitcoin’s bout of range-bound trading to extend further. He does note that its range may narrow due to new support around $11,650.

“Bitcoin: The lower timeframe we’ve reached both of the TP’s (first one $11,750, second one $12,000). Support levels lower timeframes; $11,650 and $11,400-11,500. Overall suspecting continuation of the ranging.”

Bitcoin

BitcoinImage Courtesy of Crypto Michael. Chart via TradingView.

Whales Still Accumulating BTC Despite Stalling Momentum 

Bitcoin’s inability to break above $12,000 has not been enough to stop the cryptocurrency’s wealthiest investors from adding to their positions.

One analyst spoke about this trend in a recent tweet, referencing a map of unspent Bitcoin while explaining that there is still a strong accumulation trend amongst whales despite BTC’s price being relatively high.

“Whales are still accumulating at these prices,” he said.

Image Courtesy of Byzantine General.

It remains unclear as to whether or not this trend will create a tailwind for Bitcoin, but it is a positive development nonetheless.

Featured image from Unsplash. Charts and pricing data from TradingView.

Tags: btcusdBTCUSDTxbtusd

Categories: Bitcoin, Ethereum

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,463)
  • Ethereum (1,655)
  • News (5,185)

Recent Posts

  • Lyfe, the first music artist to debut its own Metaverse 22 June 2022
  • Is This The Single Greatest Predictor Of Stock Market Returns? 21 June 2022
  • Why The Collapse Of The FAANG Shares Increases The Risk Of A Major Bear Market 21 June 2022
  • Peter Brandt: Bear market will allow Coinbase to steal customer funds 21 June 2022
  • What is Impermanent Loss, and How to Reduce It in Automated Market Makers 21 June 2022

Archives

  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web