2023-06-25 09:50:00
Bitcoin saw a significant rise, momentarily reaching the $31,250 level. Currently, following a slight downturn, Bitcoin is trading at $30,710, showing an almost 15% increase in value over 7 days. This dramatic uptrend invites investors and analysts to reflect and speculate on the continuation of this uptrend.
Moreover, with a massive influx of transaction volumes, reaching $10 billion over the weekendthe question is valid : do whales (big investors) buy bitcoin thereby fueling its upward momentum? In this Bitcoin price prediction, we will explore the current state of the Bitcoin price and analyze the possible potential for the course to move forward.
Do Whales Buy Bitcoin?
An esteemed analyst, Ki Young Ju, CEO and Founder of CryptoQuantshares a precious “pro tip” for monitoring whale activity in the cryptocurrency market. According to Ki Young Ju, BTC whale watching on low liquidity exchanges is more effective than popular platforms like Binance. By focusing on trades with limited depth of liquidity, investors can identify large whale-driven trades and gain valuable insight into market movements.
Ki Young Ju thus provides examples of transactions from futures trading platforms such as Huobi, BitMEX, ByBit, Deribit and OKX to support its recommendation. They demonstrate that many large volume buy positions were initiated by large investors, as early as January 2023, when Bitcoin (BTC) was trading between $16,500 and $18,000. Analyzing statistics on high-volume exchanges like Binance has proven less useful due to difficulties in identifying individual trading behavior in substantial volume.
The price of bitcoin
The current Bitcoin price is 30 710 dollarswith a transaction volume of more than 10 billion dollars ($12.9 billion, to be precise) in the last 24 hours. In the CoinMarketCap ranking, Bitcoin still holds the top spot with a $596 billion market capitalization. Currently, 19,411,281 BTC coins are in circulation, out of a maximum supply of 21,000,000 BTC coins.
Bitcoin Price Prediction
From a technical point of view, Bitcoin is encountering a significant resistance near the $30,700 level, which is further enhanced by the presence of a double top model. Although it briefly broke above this level and reached a high of around $31,500, the formation of some candlesticks indicate investor indecision, as they were unable to break through the resistance at $30,700 as Bitcoin quickly retreated below that level. And, this level continues to pose a major obstacle to the upward movement of Bitcoin.
When analyzingkey technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), the two indicators suggest overbought conditions. The RSI is hovering around 70, while the MACD histogram is clearly above zero. That implies that investors should consider taking profits before anticipating further upward momentum in Bitcoin price.
Bitcoin Price Chart – Source: Tradingview
If it breaks below the $30,700 level, Bitcoin is likely to experience a pullback that might go as low as $30,000 or even towards the $28,250 support level. On the other hand, if a breakout occurs above the $31,250 level, Bitcoin might be exposed to higher price levels, such as $32,000 or even $34,150. In conclusion, it is recommended to closely monitor the level of $30,700 and $31,250 which will be decisive to get an idea of the trend at the beginning of the week.
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