Three large whales have amassed about 2,814 BTC, or roughly $157 million, from Binance since Sept. 1, according to on-chain data. At approximately $55,887 per Bitcoin the average accumulation price is found. Despite price fluctuations, the addresses involved in these transactions demonstrate massive whale interest in the asset.
At $55,212, the price of Bitcoin is presently following a descending triangle pattern. Although this pattern is frequently interpreted as bearish, it can also indicate consolidation prior to a breakout. Given the whales’ continued accumulation, it is possible that Bitcoin will soon reverse this negative trend and begin to rise again.
Whale inflows additionally indicate that big investors are probably seeing this decline as an opportunity rather than a time to sell. Institutional investors have been pulling back slightly, which is in contrast to their actions and the overall sentiment of the market.
Even though institutional player participation has decreased, Bitcoin’s resilience and neutral price performance in the face of these inflows suggest that the market is stabilizing and that there has not been any notable bearish activity.
Increased liquidity and a stronger push to break out of the descending triangle could be experienced by Bitcoin if this whale accumulation persists. Given the amount of money being invested in the asset, this would result in increased volatility and the possibility of a sudden upward move.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
