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Bitcoin has experienced a massive surge, reaching the $31,250 level, with its value rising nearly 15%.
This dramatic uptrend has caught the attention of investors and analysts, leading to widespread speculation that the bullish trend will continue.
The massive influx of trading volume, reaching $10 billion over the weekend, raises the question of whether whales are buying bitcoin and fueling its upward momentum.
This Bitcoin price prediction examines the current state of the Bitcoin price and analyzes potential future price movements.
Are Whales Buying Bitcoin?
Respected On-Chain Analyst, Ki Young Joothe CEO and founder of CryptoQuant shares valuable “pro tips” for tracking whale activity in the cryptocurrency market.
According to Ki Young Ju, monitoring BTC whales on less liquid exchanges is more effective than popular platforms like Binance.
By focusing on exchanges with limited liquidity depth, investors can identify key whale-driven trades and gain valuable insight into market movements.
Ki Young Ju provides trading examples from futures trading platforms such as Huobi, BitMEX, ByBit, Deribit, and OKX to back up his recommendations.
During the accumulation period in January 2023, when Bitcoin (BTC) was trading flat between $16,500 and $18,000, whales formed a notable long position that laid the foundation for the subsequent rally.
A specific trade made by a whale on Huobi was opening a long position at $16,819, showing the potential for significant gains without the use of leverage.
analyze statistics from Large exchanges like Binance It proved to be of low value due to the difficulty of identifying individual trading behavior within a large trading volume.
bitcoin price
the current Bitcoin price is $30,714, with over $10 billion in volume ($12.9 billion to be exact) in the last 24 hours.
According to CoinMarketCap rankings, Bitcoin remains at the top with a market capitalization of $596 billion.
Currently, 19,411,281 BTC coins are in circulation out of a maximum supply of 21,000,000 BTC coins.
Bitcoin price prediction
From a technical standpoint, Bitcoin is encountering significant resistance around the $30,700 levels, which is reinforced by the presence of a double top pattern.
Despite temporarily surpassing this level and hitting a high of around $31,500, the formation of a candlestick with a long core and body shows investor indecision as it failed to break through the resistance at $30,700. there is
This level continues to be a major obstacle to Bitcoin’s rise.
Analyzing key technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both indicators suggest overbought conditions.
The RSI is hovering around 70, but the MACD histogram is still well above the zero line.
This means that investors should consider taking profits before expecting further upward momentum in the Bitcoin price.
If the $30,700 level breaks, Bitcoin could experience a correctional decline.
The psychological support level of $30,000 will be crucial, below which Bitcoin can head towards the $28,250 levels.
On the other hand, a breakout above the $31,250 level could expose Bitcoin to higher price levels such as $32,000 and even $34,150.
In conclusion, we recommend watching the $31,000 level closely.
A close below this level could trigger a corrective rally, while a breakout above this level could sustain an ongoing bullish trend.
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