Whales are undecided about accumulation, while Terra (LUNA), now famous as one of the biggest Bitcoin whales after purchasing around 45,000 BTC in 2022, hints from the official Twitter account that the Bitcoin price will not move sideways.
Bitcoin price climbs to two-week highs
Bitcoin (BTC) rallied on April 21 after the drop did not take control of short-term market action overnight, as we have seen in the analysis of Kriptokoin.com. . On April 21, BTC/USD hit new local highs of $42,455 on Bitstamp, according to TradingView data. Previously, the $50,000 trip had failed due to various obstacles. In addition to a few long-term moving averages, the annual opening and whale selling patterns have prevented the bulls from exiting the 2022 trading range.
Whales don’t care about “up only” bets
Looking at whale migrations in general, however, no clear pattern emerges. Popular crypto analyst Rekt Capital says on this matter, trading among Bitcoin whales is stuck in a limited range. “The number of unique addresses holding at least 10,000 BTC is increasing since February 21,” the analyst says, citing statistics from on-chain analytics firm Glassnode.
“There will be confusion” message from Bitcoin whale
Meanwhile, the Blockchain protocol, which is now famous as one of the largest Bitcoin whales after buying around 45,000 BTC in 2022, encouraged by the expectation of stronger BTC price performance It was Terra. In the tweet of the day, the firm’s official account claimed that Bitcoin is ready to “mix”, implying that it does not expect the sideways price action to continue.
What do on-chain metrics say for Bitcoin?
One metric to look into is Bitcoin’s futures open position, which shows the number of open derivatives contracts. These contracts usually increase as the probability of a rise increases. As a result, it explains why the metric has been in a sharp decline since April 7 and recorded an increase on April 18. However, this metric also takes short positions into account.
While Bitcoin’s chart gives a rough idea of its healthy range, on-chain metrics offer a better picture of the level of demand in a given price range. The above data is important given the rising price floor and ever-changing market dynamics.
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