Whalemap’s new data states that around $12K consisting of 3 whale clusters in the short term is going to support the cryptocurrency Bitcoin price progress.
At the level of the technical key $11,857, $12,2656 and $12,868 are probably going to serve as crucial support systems and areas of resistance in the field of Bitcoin price.
Previously in certain ongoing cycles, the activities overlapped with the important movements in the prices at very critical levels of the different technical levels. According to Cointelegraph, a significant example can be noted in the selling of a whale at $12,000 after years of “HODLing”. After this incident, a significant amount of change could be noted, as the price of Bitcoin fell to $10,000.
Whale Clusters: Definition and importance in Bitcoin studies
When the whales buy Bitcoin but do not change the positions of their Bitcoin holding positions the cluster of whales is formed. This shows that the materializing areas of the clusters are where the whales are accumulating the Bitcoin. After clusters such as $11,288 and $11,456, a much larger cluster of the Bitcoin whale has been formed with an amount of $11,857. This amount is being considered as a very concrete area of support by the whales.
The stabilizing amount of the ideal structure of the price and the rally of continuation would have been at around $11,900. Right now Bitcoin has to struggle to keep its head above the borderline of $ 11,857.
The uptrend could get healthier by the day in the future with some proper amount of consolidation in the neutralizing of the market in the future. Since two days into October, the Bitcoin price has gone up by at least 24% compared to the US dollar. Regarding safe assets, it has to be taken into consideration that Bitcoin price has performed well, given that gold has risen by 0.2%. A month-long consistency in this kind of rallying performance would concretize the movement towards betterment.
Price point accumulation of cryptocurrency Bitcoin by whales
Bitcoin came out of a three-year long-range, technically. Since January 2018 the highest price was noted by the daily charts. For about three years now Bitcoin has never extinguished above three years. Bitcoin is now steadily coming up as a good amount of competition to gold as a safe asset field. Naturally, the demand for Bitcoin has also increased and therefore the future market for Bitcoin has developed immensely.
On the other hand, many analysts and researchers claim that there has been a significant decoupling of Bitcoin from different markets. To keep the progress on for the developing rally, Bitcoin should thrive hard to reach the $11,900 marker.