Cryptomustar
Saturday, July 2, 2022
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO
No Result
View All Result
Cryptomustar
No Result
View All Result
Home Bitcoin

Bitcoin’s Push to $11,000 Comes Following Intense Accumulation from Whales

by admin
September 29, 2020
in Bitcoin
0
Bitcoin’s Push to $11,000 Comes Following Intense Accumulation from Whales
0
SHARES
9
VIEWS
Share on FacebookShare on Twitter



  • Bitcoin is currently in the process of pushing towards $11,000, although it is facing some slight selling pressure at this level
  • The cryptocurrency now appears to be positioned to rally higher in the near-term, as it was able to post an incredibly bullish weekly candle close yesterday
  • Within one minute of this candle closing, BTC’s price rocketed by hundreds of dollars
  • One interesting trend that appears to be backing this move is a pattern of accumulation amongst so-called “whales”
  • An analyst observed that this body of investors was heavily accumulating BTC throughout the recent dip

Bitcoin and the entire crypto market are pushing higher. BTC is now fast approaching its heavy resistance around $11,000, with a break above this level opening the gates for a move up towards its next resistance at $11,200.

This level marks the upper boundary of the wide trading range formed throughout the past couple of weeks, with a lower boundary existing at $10,200.

Until $11,200 is broken above, it remains too early to say with full confidence that a move towards $12,000 is brewing.

One group of investors that may perpetuate this uptrend is so-called “whales,” as data suggests that they have been aggressively increasing their BTC exposure throughout the course of this recent downtrend.

Bitcoin Rallies Towards Key Resistance as Selling Pressure Dissipates

At the time of writing, Bitcoin is trading up over 1% at its current price of $10,925. This is around where it has been trading in the time following its post-weekly close upsurge seen yesterday afternoon.

This surge led the crypto up to highs of $10,980 before it slowed, with the resistance at $11,000 sparking a consolidation phase.

Where it trends throughout the coming few weeks should depend primarily on the intensity of the resistance between $11,000 and $11,200.

Whales Have Been Aggressively Accumulating During Recent Downtrend

One pattern to be aware of that could be influencing the ongoing upswing is an accumulation trend amongst large Bitcoin investors.

While speaking about this, a respected analyst noted that the dip to lows of $10,200 provided whales with an ideal dip buying opportunity that they took full advantage of.

“I told you whales were trying to shake you out. It looks like there was heavy accumulation going on when we dipped to 10200,” he said in reference to the below data.

Image Courtesy of Byzantine General.

How the entire market trends next will depend on Bitcoin. As such, its reaction to the resistance between $11,000 and $11,300 will be critical for understanding where it will trend next.

Featured image from Unsplash.
Pricing data via TradingView.





Source link

RELATED POSTS

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

Tags: AccumulationBitcoinsIntensePushWhales
ShareTweetShare

Related Posts

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

Bitcoin experiences worst month in history as over $400B is wiped off crypto market in June

by admin
July 1, 2022
0

The crypto industry has experienced its worst month ever as over $400 billion was wiped off the market by...

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

President Bukele says ‘thank you for selling cheap,’ as El Salvador buys more Bitcoin

by admin
July 1, 2022
0

On July 1, President Bukele tweeted that El Salvador had bought another 80 Bitcoin (BTC) at $19,000 per token....

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

El Salvador, Unfazed By The Bear Market, Buys 80 Bitcoin – Will Others Do The Same?

by admin
July 1, 2022
0

El Salvador’s president and Bitcoin fanatic, Nayib Bukele, doubled down on his country’s sinking investment in the cryptocurrency by...

What’s next for Bitcoin as market sentiment sours?

What’s next for Bitcoin as market sentiment sours?

by admin
July 1, 2022
0

Recent market volatility pushed Bitcoin below $20,000, marking the first time in its history it had sunk lower than...

CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin

CFTC charges Mirror Trading International with alleged fraud of $1.7 billion worth of Bitcoin

by admin
July 1, 2022
0

The Commodity Futures Trading Commission (CFTC) has charged Cornelius Johannes Steynberg and his company Mirror Trading International (MTI), with...

POPULAR NEWS

4 Cryptocurrency that Blow Bitcoin Out of the Water

4 Cryptocurrency that Blow Bitcoin Out of the Water

September 25, 2020
Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

Memoriae – Next Generation of Decentralized Cloud Storage Based on Blockchain

July 1, 2021
Apollo CBDC: The CBDC Platform that can Power Economies

Apollo CBDC: The CBDC Platform that can Power Economies

October 6, 2020
Stratus: The Most Feature Rich Social Media Network

Stratus: The Most Feature Rich Social Media Network

September 9, 2020
Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

Binance Coin (BNB) erupts above $270 as the whole Smart Chain ecosystem soars

February 19, 2021

EDITOR'S PICK

HIFO: The Tax Loophole That Could Be Helping Bitcoin Investors This Tax Season

HIFO: The Tax Loophole That Could Be Helping Bitcoin Investors This Tax Season

January 20, 2022
NYDFS Chief Says Regulators Need to Develop a ‘21st Century Framework’ for Crypto

NYDFS Chief Says Regulators Need to Develop a ‘21st Century Framework’ for Crypto

May 20, 2022
The first consumer-oriented web3 summit – SUPERVERSE – launches a DAO token  on Unit Network

The first consumer-oriented web3 summit – SUPERVERSE – launches a DAO token on Unit Network

May 19, 2022
Bitget Launches Automated Bot Trading For Its Users

Bitget Launches Automated Bot Trading For Its Users

May 19, 2022

About

We publish a comprehensive news feed covering all news relevant to the crypto user, covering main industry news, politics and regulation as well as consumer-level “news you can use” (practical stuff), including handy DIY tips, links to useful tools, unbiased reviews and opinions revolving around cryptocurrency. Simple logic and real-world examples are preferred before technical jargon and personal rants.

Follow us

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Press Release
  • Regulation
  • Uncategorized

Recent Posts

  • Meta comienza las pruebas de integración de NFTs en Facebook
  • Crypto World Is Cautious of Finer Details In EU’s MiCA Law
  • El Salvador compra 80 bitcoins adicionales a $19K cada uno, según el presidente Bukele
  • BlockFi’s Fire Sale Shows the Uber Startup Model Is Disastrous for Finance
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 cryptomustar.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
  • ICO

© 2020 cryptomustar.com

  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • yfBetayfBeta(YFBETA)$4.27-0.10%
  • IDLEIDLE(IDLE)$1.44-12.39%
  • WPP TokenWPP Token(WPP)$0.006826-3.49%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Werewolf CoinWerewolf Coin(WWC)$0.098082-2.58%
  • PolkaBridgePolkaBridge(PBR)$0.439784-6.92%
  • Dev ProtocolDev Protocol(DEV)$1.76-16.14%
  • EvidenZEvidenZ(BCDT)$0.122949-3.85%