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Bitcoin’s Confined Swing not a Worry for the Crypto Space

  • Bitcoin currently trending in a very small range has positive market sentiments
  • Despite the dip from $12000, yet expected to cross above the mark
  • The whales show a sign of recovery by holding bitcoin rather than trading

Bitcoin Whales Surge in a Weeks Time

The world’s most popular cryptocurrency Bitcoin is currently struggling to maintain above the $10000 mark. On a couple of occasions, it just touched $10000 but did not dip below the mark. Currently, Bitcoin is priced at $10,340 at press time with a loss of 0.88 percent.

Despite the downtrend of the Bitcoin, the bitcoin community is still bullish for the next 12 months. Moreover, nearly 90 percent of the people who participated in the poll by anonymous crypto analysts PlanB, are bullish on the crypto space.

As Coinpedia reported earlier that Whales and investors are trying hard to keep Bitcoin Above $10000, according to popular on-chain data analytics platform Santiment, the bitcoin whales are increasing their holdings. The number of wallets holding 10,000 to 100,000 Bitcoins has increased from 104 on September 17, 2020, to 107 on September 24, 2020.

Therefore, with the increase in the volume of the bitcoin whales, an immense buying pressure can be anticipated. As a result, the Bitcoin price is bound for an incredible move upwards in the coming days.

Big Players Prefer to Hold Bitcoin Than Trade

A normal routine of the crypto whales includes trading BTC for other assets. But a report published by another on-chain data provider CryptoQuant shows that the active users in all exchanges who deposit BTC hit the 3-year low.

The lowered inflow of the assets on the world’s largest exchanges indicated the ‘holding’ sentiment of the whales. Most of the bitcoins remain unspent with the whales or not have been moved for trade. Whales prefer to hold Bitcoins rather than trading for any other assets.

Summarizing the whole story, Bitcoin currently is struggling to rebound to the highest level. The bitcoin whales who hold more than 10000 bitcoins have surged in the week’s time and moreover, they prefer to stack up the coins. 

Is this an indicator of the bitcoin recovery stage for a major breakout in the coming days?

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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