Bitcoin Koers: Stuit op Hevige Weerstand, Maar Whales Behouden Vertrouwen

Introduction

In this article, we will discuss the recent developments in the Bitcoin market. Despite facing significant resistance at the $28,500 price level, there is an interesting positive development that is worth noting. We will explore the current state of the Bitcoin price and analyze the behavior of Bitcoin whales, which can provide insights into the market’s future direction.

Bitcoin Koers Stuit op Hevige Weerstand

Before diving into the recent developments, let’s briefly recap the past 24 hours in the Bitcoin market. During this timeframe, Bitcoin experienced a decline in value after attempting to surpass the $29,500 level. This price zone has proven to be a strong resistance level as it represents the lower boundary of the price range that Bitcoin has been trading within for the past month.

Additionally, the 50-day moving average (MA) is found in this area, adding further resistance. It was at this level that the Bitcoin price was rejected, leading to the subsequent decline.

At the time of writing, Bitcoin is trading at $29,112 on Coinbase, which translates to approximately €26,658 on the Dutch cryptocurrency exchange Bitvavo. The key levels to watch for Bitcoin are currently $29,500 (resistance) and $28,500 (support).

Bitcoin Whales Hebben ‘Diamanten Handen’

Despite the relatively stagnant Bitcoin price, Bitcoin whales continue to hold onto their BTC holdings firmly. Whales refer to accounts with significant Bitcoin holdings, and their behavior is closely monitored by analysts using public blockchain data.

One important data point being analyzed is the ratio between small investors and whales. Currently, this ratio is increasing, indicating that small investors are selling while whales are holding onto their positions. According to analyst CryptoCon, this is a positive factor for the Bitcoin price.

This cycle, #Bitcoin whales are complete diamond hands 💎

The small investor to whale ratio is in full force surging.

What does this mean?

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The investors that have been selling this cycle (2022 – 2023) are small, whales are holding. This is powerful for price which can be seen in…

Based on CryptoCon’s chart, the rising ratio between small investors and whales is often accompanied by an increase in the Bitcoin price. Conversely, when whales start to sell (highlighted by the red square), downward pressure is exerted on the price. Currently (highlighted by the green square on the right), the ratio is once again rising. Small investors seem to be selling, while whales are holding onto their positions. However, it’s worth noting that Bitcoin has been struggling to maintain the upward trajectory seen earlier this year.

Whether the rising ratio will serve as a precursor for an increase in the Bitcoin price remains to be seen. The behavior of whales will continue to be closely watched by market participants.

Conclusion

The Bitcoin price is currently facing strong resistance at the $28,500 level. However, the behavior of Bitcoin whales, who are steadfast in holding their positions, provides a glimmer of positivity for the market. The ratio between small investors and whales has been increasing, which historically aligns with a rising Bitcoin price. Market participants will closely monitor these factors to gain insights into the future direction of the Bitcoin market.