New research suggests that Bitcoin whales have been accumulating the cryptocurrency and keeping the price above a crucial resistance level until April 24, 2024.
According to TradingView data, Bitcoin price saw an increase to $67,000 after the last daily close, with bulls maintaining a tight range and moving away from order book liquidity for the BTC/USD pair.
Investors continue to accumulate
Recent figures from blockchain data platform CoinGlass show that around $35 million worth of bid barriers were absorbed on Binance at the close of the day, with the majority of sell liquidity now between $67,000 and $67,500.
An accompanying chart also shows the trading behavior of various Bitcoin whale classes. Interestingly, the $1 million to $10 million order category increased risk unlike others through April. This is in line with recent data from research firm Santiment, which indicates that FOMO is now widespread among wallets holding 1,000 to 10,000 Bitcoins. Santiment posted on X:
Bitcoin’s key whale stage of $1,000 to $10,000 BTC is supporting this rise and has now accumulated $266,000 more BTC since the start of 2024. This represents an accumulation of 1.24% of the total supply. The audience is also showing a high level of #FOMO.
What’s happening on the Bitcoin front?
Meanwhile, trading firm QCP Capital suggested that crypto markets could experience a period of low volatility before any significant changes occur. In a market update sent to Telegram channel subscribers, QCP described the situation:
BTC is right in the mid-60/73,000 range and BTC front-end volumes have fallen to almost 60% […] Just last week we saw the fourth BTC halving and the market panicked over the outbreak of war in the Middle East (which has since de-escalated).
What can we make of this disturbing market silence?
While market participants showed great anticipation for the Bitcoin halving, the price movement failed to live up to this premise. Bitcoin miners have reportedly begun hoarding near-record amounts of Bitcoin in the hopes that the token’s value will rise and offset a decline in new supply, halving the rewards for verifying transactions.
Still, the price so far remains very close to pre-halving levels – currently around $66,000 – and even transaction fees have dropped sharply following the event.