Get ready for a potential breakout – Bitcoin bulls are circling key resistance levels near $67,000, with data suggesting whales are accumulating and fueling the momentum.
Interestingly, a significant buy order of $35 million on Binance was absorbed at the daily close, leaving the biggest sell orders concentrated between $67,000 and $67,500. Seems like nothing can stop you if you’re a Bitcoin whale – except for the geo-restrictions or the legal laws within your country.
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Source: r/memes.
Whales Seize the Opportunity
Bitcoin price action has been hovering around $67,000 after a recent surge. Bulls are strategically chipping away at nearby buy and sell orders, according to data from Cointelegraph Markets Pro and TradingView.
BTC/USD 1-hour chart. Source: TradingView.
The shift in order book dynamics is also impacting price movement. Trading analyst Material Indicators highlighted on X (formerly Twitter) how adjustments in liquidity placement can influence price action.
The NET effect of blocks of Bitcoin ask liquidity moving lower, and some blocks of bid liquidity moving higher tightens up the active trading range to roughly $62k – $68k.
Source: Material Indicators/X.
Whale FOMO in Play
The data also reveals intriguing details about specific whale behavior. Notably, the $1 million to $10 million order category has been actively buying Bitcoin throughout April. This coincides with recent findings from Santiment, a crypto research firm. Their analysis suggests “FOMO” (fear of missing out) is gripping wallets holding between 1,000 and 10,000 BTC (worth roughly $66.7 million to $667 million).
“Bitcoin’s key whale tier holding 1K-10K $BTC are supporting this rise, and have now accumulated 266K more $BTC since the start of 2024,” reported Santiment on X. This translates to a significant 1.24% increase in their overall holdings, highlighting a strong buying sentiment.
Is a Bullish Storm Brewing?
Despite the current activity, some analysts warn of a potential period of low volatility before a major price shift. Trading firm QCP Capital noted an “unsettling quietness” in the crypto market, with Bitcoin stuck between $60,000 and $73,000 and trading volumes dropping.
However, they also point to positive factors like the recent Bitcoin halving event (which historically precedes price increases) and the gradual return of interest in US Bitcoin ETFs. Notably, BlackRock, a major investment firm, has been steadily adding to its Bitcoin ETF holdings for 70 consecutive days.
The question remains: is this the calm before the bullish storm? Only time will tell, but one thing is clear: whales are making their presence felt, and Bitcoin’s price action is poised for a significant move.