🟡 - Bitcoin Whales 11.6.2023We are witnessing an intriguing phenomenon recently, Bitcoin has slowed down since 24 so far, although it managed to rise 35,971 but fell fast despite this, As I highlighted on October 24th, considerable resistance has emerged within the $35-36,000 threshold for Bitcoin.
This is not just a coincidence. Current market dynamics, upon closer inspection, reveal that Bitcoin whales are actively applying selling pressure at this critical point. It's a strategic game, and these market drivers aren't just participants—they set the pace.
This can be a short-term pressure and does not indicate that Bitcoin will collapse or crash completely but it indicates that there is a challenge at a specific price, once everything slows down and then Bitcoin shows signs of weakening after whale pressure, this means that Bitcoin's performance is not strong enough yet in this game
Within the provided graph, I have pinpointed three critical areas of interest through Q1 and Q2 of 2023, delineated by two prominent green circles and one salient red circle(today). These circles illuminate the pivotal buying and selling actions of Bitcoin whales.
Green Circles (January to May 2023): These larger green circles underscore the zones where substantial whale purchases occurred at specific price points. Within these zones, numerous smaller blue circles are visible, courtesy of an analytic indicator that tracks whale transactions, signifying either buying or selling maneuvers. Particularly under the line, these blue small circles consistently indicate that whales have been 'buying low.'
Red Circle (Recent Weeks): Conversely, the large red circle captures the locus of recent whale selling, as marked by small red circles above the line. Each of these red circles flags an instance where whales 'sold high.' Notably, since these red markers last materialized around October 23rd, Bitcoin has exhibited a somewhat decelerated pace over the following 16 days.
Short Term Chart
Long Term Chart
This pattern prompts further inquiry into the strength and momentum of Bitcoin. I've applied additional metrics to gauge Bitcoin's vitality. While certain indicators reveal short-term weakness, from hourly to daily perspectives, Bitcoin maintains robust signals of long-term fortitude.
Forward-Looking Considerations:
It is pivotal to monitor both the short-term indicators and the long-term trajectory. Should signs of long-term weakness begin to align with the short-term trends, it could presage a potential downtrend. At present, however, the evidence suggests a moderation in momentum rather than an outright downturn.
By staying attuned to both whale behavior and a suite of analytical indicators, we can better navigate the currents of the Bitcoin market and anticipate potential shifts.
