As what the Bitcoin whale clusters suggest, the $10,407 level has become a strong support area. This also raises the possibility of having a fresh bullish uptrend. Moreover, the perspective of the Bitcoin market is now becoming optimistic.
After Bitcoin’s recovery above $10,700, Bitcoin whale clusters say that the price could be in a short-term trend reversal. Across major exchanges, the price of Bitcoin increased by nearly 6 percent to $10,755 from $10,135.
When huge investors gather Bitcoin and do not use or move their holdings for a long period of time, it results to formation of whale clusters. Thus, this implicates that whales anticipate Bitcoin price to soar in the near term.
$10,407, $10,570, and $10,667 are whale clusters, according to an on-chain analysis firm that tracks whale activity, Whalemap. If Bitcoin stays beyond $10,700, these three levels have the possibility to serve as potential support areas
Bitcoin whale clusters suggest BTC trend reversal; sentiments becoming optimistic
As what analysts at Whalemap are suggesting, as long as Bitcoin defends $10,407, it can stay in a bullish trend.
They discussed what the trend is suggesting, saying bulls have won because the market sentiment is becoming optimistic despite recent upsurge. The analysts stated:
There was an interesting irregularity in the recent Bitcoin rally. It was the fact that it has decoupled from gold. Bitcoin went above $10.700 while gold dropped a little by 0.32% within the last 24 hours.
An on-chain analyst, Willy Woo, stated that the decoupling means that Bitcoin’s momentum is becoming strong.
Aside from the multiple technical factors of Bitcoin’s uptrend, a positive near-term outlook is evident in the current fundamentals.
In September, a number of mall Bitcoin addresses sharply plunged. This data is shared by Glassnode earlier this week. Nonetheless, Glassnode’s analysts were saying that it does not impact network fundamentals and that the data is nothing to be worried about.
What do traders expect next?
According to a cryptocurrency trader, Edward Morra, to confirm a bullish continuation, the market has to move above $10,830.
Bitcoin could stagnate for a long period of time if it rejects $10,830 and returns back below $10,500, the $9,800 to $10,830 range. Morra discussed: