Whale Accumulation Points to Bitcoin Gains, But Here’s Why Investors Should Stay Alert

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,844,336,682,867	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,844,336,682,867

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,002.80	1.09%	93,343.72	93,340.39	93,340.40

Price Change

Price Change %

Current Price

Bid Price

Offer

1,002.80

1.09%

93,343.72

93,340.39

93,340.40

High Price	Low Price	Open Price	Prev. Close	52 Week Range
93,772.26	91,600.00	92,396.70	92,341.07	35,773.27 - 94,105.84

High Price

Low Price

Open Price

Prev. Close

52 Week Range

93,772.26

91,600.00

92,396.70

92,341.07

35,773.27 - 94,105.84

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:42:51	0.000505	93,343.86	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:42:51

0.000505

93,343.86

USD

Price x Volume	Volume	Base Symbol	Related Pairs
906,710,767.24	9,806.99	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

906,710,767.24

9,806.99

Whale Accumulation Points to Bitcoin Gains, But Here’s Why Investors Should Stay Alert

20/11/2024 4:30am

NEWSBTC

Bitcoin price movements often correlate with large-scale investors’ actions, commonly called “whales.” These individuals or entities hold between 1,000 and 10,000 BTC, and their trading behavior is a critical indicator of market trends. With that being said, recent data indicates that these whales have been increasing their Bitcoin holdings, which has fuelled momentum in the Bitcoin market thereby capturing the interest of more investors. Related Reading: Bitcoin’s Market Is Still In An ‘Healthy Growth’ Phase, Says Analyst—Here’s Why BTC Whales Continue Accumulation: Implications and Risks A CryptoQuant analyst known as Datascope recently highlighted the trend of increasing BTC whale accumulation, noting that a positive 30-day percentage change supports the accumulation of Bitcoin by whales. This trend according to the analyst, represents a shift that can significantly impact Bitcoin’s price trajectory. When these major players accumulate, it often signals more liquidity in the market and a likely impending price surge. Datascope discloses that the correlation between whale balances and Bitcoin’s price “highlights the growing dominance of these investors in the market.” The CryptoQuant analyst added: Whale Accumulation and Its Impact on Price Whales accumulating Bitcoin is seen as a significant signal of an upward price trend. It indicates a period of market confidence and sufficient liquidity. Additionally, the 30-day Simple Moving Average (SMA30) helps analyze the long-term tendencies of whale behavior. A positive slope in the moving average suggests potential for upward price momentum. However, datascope mentioned that there are potential caveats to this accumulation trend. He noted that the accumulation phase can lead to upward momentum, but it inherently carries the risk of a sharp reversal when these large holders decide to sell their assets. Selling pressure from whales, especially if executed suddenly, could lead to rapid price declines, reversing gains during accumulation. The analyst concluded by noting: Thus, monitoring whale accumulation and selling cycles is critical. Understanding the current market phase and timing exits correctly are key success factors for investors. Bitcoin Market Performance While the accumulation of BTC from whales continues, the asset appears to be gearing up for another rally. It is worth noting that prior to today’s price performance, Bitcoin has remained just above $90,000 following its sharp decrease away from its all-time high (ATH) of $93,477 registered last week. Related Reading: Bitcoin Exchange Reserves Hit 5-Year Low—What Does This Signal? However, today, the asset is beginning to see a return of upward momentum. Particularly, at the time of writing, Bitcoin has increased by 1.9% to a current trading price of $91,635, bringing it to a 1.7% decrease away from its ATH. Featured image created with DALL-E, Chart from TradingView

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