The price of Bitcoin fell to the lowest level of four months with a big drop at the beginning of this week. However, he later began to recover and increased by about seven thousand dollars from the low level he was currently seeing. Analysts believe that it can continue to climb as long as it remains above the support level of $ 84,000, which is currently being tested, and can reach $ 90,000.
Whales are buying, Bitcoin price is rising!
Large BTC wallets, usually called whale or sharks, are very important for the price movements of the asset due to their ability to purchase or unload large quantities in a very short period of time that may affect the entire market. After moving towards $ 110,000 for months and accumulated before, they changed their stances at the beginning of February following Trump’s customs duties for various countries. Inevitably, the price of Bitcoin has fallen. Leading Krypto saw the lowest level of $ 77,000, the lowest level of four months this week.
However, during this correction, whales and sharks once again reversed their strategies and began to accumulate more than the existence. According to the experienced analyst Ali Martinez, who referred to the data of the Analytical Platform Santimement, the last few days of the work week witnessed another purchasing madness with the entry of more than 20,000 BTC wallets. The value of this stash is close to $ 1.7 billion. Popular analyst said Bitcoin could rise to $ 90,000 as long as he kept $ 84,000 tested during the article.
Will it be a leverage run?
Whales, which bought a significant portion of the BTC within a few days, affected Bitcoin’s price as well as the entire market that has been leaping since Thursday. However, Maartunn from Cyptoquant explained another possible reason behind the relief rally.
Expert, Bitcoin’s open interest rate has increased by about 13 %of the lowest levels in recent times, he said. In addition, he is currently close to $ 28 billion, he said. As a result, he warned that this increase can be directed by a large number of leveraged positions, a sharp sword. If BTC prices fall quickly, these leveled long positions can lead to a large wave of liquidation, as we have witnessed several times since the February correction.
