Bitcoin Nears All-Time High as Whale Behavior Suggests Further Upside

Bitcoin Nears All-Time High as Whale Behavior Suggests Further Upside
Bitcoin Nears All-Time High as Whale Behavior Suggests Further Upside

Bitcoin continues to show signs of recovery as their prices have increased from a summary correction last week. At the time of this report, the encryption is traded at $ 109,693, which reflects an increase of 0.4 % over the past 24 hours. Despite this upward movement, the current price remains approximately 2 % lower than its highest level ever at more than $ 111,000, which was recorded last month.

This continuous force in prices was accompanied by noticeable signals on the series, especially from adult holders. Cryptoquant Crypto Dan has analyzed the current market structure and bitcoin whale behavior.

Bitcoin’s behavior indicates more bullish direction

At the end analysisDan noted that although bitcoin is near the record levels, there is little evidence of profit achievement behavior that is usually observed during the previous market peaks. According to him, the whales do not participate in collective sale, which indicates that these investors expect the gathering to continue.

Dan stressed that these older bearers are more likely a more clear euphoria in the market and higher assessments before the start of a large sale activity, a pattern that is often displayed near the final stages of the Taurus market.

Whale exchange activity indicates a similar step

More promoting current feelings, another encrypted analyst, Darkfost, High An important trend in the behavior of a dark whale.

According to Darkfost, historical data shows that when Bitcoin approaches or violates it at all, there is usually a sharp rise in infringements of exchange, driven by whales that seeks to achieve profits.

Bitcoin whale to exchange a flow on Binance.

This style was visible during the summits of the previous session, as the flows amounted to 5.3 billion dollars in early 2024, up to levels above 8.45 billion dollars and 7.24 billion dollars in previous sessions.

In contrast, modern flows to Binance remain largely less. Darkfost reports current flows hovering about $ 3 billion, and most importantly, in a decline path. This difference from historical patterns indicates that whales refrain from selling at the current levels.

Their decrease involves the expectation that the high prices will be in the future, and that it determines the later later period in the course. This restriction is seen from adult holders as an important indication, especially given the impact of whale movements on market liquidity and price work.

Bitcoin (BTC) price scheme on TradingView

A distinctive image created with Dall-E, the tradingView chart

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