The data show that the price of bitcoin has stabilized around 27,000 dollars after several unsuccessful attempts to surpass the psychological resistance level of 30,000 dollars. It seems that the digital currency has entered the consolodation assembly stage. But there is an opportunity that may be available here.
Compilation of whales:
Data shows that “whale” addresses holding between 1,000 and 10,000 bitcoins have accumulated at a steady pace over the past five weeks, accumulating a total of 84,897 bitcoins worth an estimated 2.3 billion dollars at today’s prices. This move indicates that investors see in the current stop of the price movement an opportunity to acquire more currency.
Bitcoin movements on trading platforms:
Well-known analyst Ali Martinez noted that more than 20,000 bitcoins have been transferred from trading platforms over the past 24 hours, which indicates that market players expect the price to rise this month, however, there are other factors that can be stimulating for the market. Long-term indicators on the blockchain indicate positive developments and their similarity with the initial stages of previous revolutionary markets, which was noted in the recent Bitfinex report.
Analysis of current situations:
In the near term, bitcoin’s prospects look weak, as the price is having difficulty breaking through the resistance level of USD 30,000. However, technical analysis, whale movements and the transition of bitcoin from trading platforms indicate a positive long-term outlook.
Long-term investment opportunities:
Current data provide investment opportunities in the long term. Aggregations of whale addresses indicate that investors see the current pause in price movement as an opportunity to buy more currency. The analysis of bitcoin movements on trading platforms also shows the high volume of bitcoins transferred outside those platforms, which is a positive indicator indicating expectations of a price rise.