- Bitcoin price consolidating below $11,000
- Bitcoin whales holding their assets firm
- BTC whales boosting bitcoin
- Large outflows from miners to exchanges a cause for concern for bitcoin traders
Bitcoin price has seen mixed movements lately. Even though the world’s largest cryptocurrency has been gradually surging upwards, the lower part of the $11,000 price level has proved to be a formidable resistance base impeding its development.
The bears have proven to be too strong for the bitcoin bulls than previously anticipated, signalling that bitcoin might be on the verge of a decline. However, despite this frailty there is still one element that could be driving bitcoin price and could signal an imminent upside break. There is a trend that has been noted while looking at the bitcoin wallets of large bitcoin holders.
Bitcoin whales have not been disposing their holdings into the latest push higher. Historically, this trend has proved to be an affirmative signal that an upside break might be in the offing. Bitcoin whales have the capacity to cause turbulence in the market, but the latest holding patterns shows that these large BTC holders are waiting for the value to sour upwards before selling.
Bitcoin price consolidating below $11,000
This trend also drives the market, as bitcoin presently has a lower selling pressure than usually experienced when its price consolidates beneath vital resistance zones. At press time, the BTC/USD pair is trading at $10,946. Bitcoin has been hovering within this price range over the past few days.
Bitcoin bulls have failed in their attempts to clear out the formidable resistance that exists between the $11,000 and $11,300 price range. Every test directed towards the endeavor has been thwarted by the heavy selling pressure sending bitcoin price down to its prevailing price.
A consolidation phase might be following as BTC bulls try to gather enough momentum; however, the heavy selling pressure it has encountered severally appears to signal an upset to its short term future.
Bitcoin whales standing strong despite massive selling pressure
According to data shared by blockchain analytics firm, CryptoQuant, bitcoin whales are still holding their assets even though the crypto has encountered several rejections at $11,000. CryptoQuant’s CEO, Ki Young Ju, commented on the trend on Twitter elucidating that the Exchange Whale Ratio has reached its lowest level in 2020. He noted that the low selling rates by whales is boosting bitcoin.
Supposing the whales sustain this trend, it could signal bitcoin will continue encountering minimal heavy selling pressure. This would strengthen its perspective and possibly trigger an upside break in the coming days.
Notably, on chain analyst Cole Garner, is of the opinion that the surge in the number of BTC transactions from miners’ wallets to exchange platforms recently should be worrying investors expecting BTC price recovery to continue. According to Glassnodes data, 1,113.85 BTC (current market value: $12,191,867.94) were moved from miner wallets to exchange platforms on September 13, the largest outflow in a single day since December 2019.