Bitcoin’s price has remained stable and has maintained pressure on key resistance levels following the recent movement following the halving event. As of press time, the token is currently hovering around the $66,000 mark.
As highlighted by data from TradingView, Bitcoin’s stability is underpinned by significant buying activity from large holders, or “whales.” These whales are actively accumulating BTC, indicating a strong belief in cryptocurrency’s future value.
Santiment’s recent analysis further pushed this positive sentiment, revealing increased accumulation among wallets holding between 1,000 and 10,000 BTC. These wallets have amassed an additional 266,000 BTC since the start of 2024, representing 1.24% of the entire supply. This accumulation underscores the confidence and long-term outlook of these large investors.
This bullish momentum persists despite remaining within a narrow range, gradually eroding the token order book liquidity. CoinGlass reports a substantial bid wall of approximately $35 million on Binance for Bitcoin, suggesting robust support at this price level.
According to Material Indicators, the impact of liquidity placement on price movements highlights the intricate dynamics at play in the market.
“The NET effect of blocks of Bitcoin ask liquidity moving lower, and some blocks of bid liquidity moving higher tightens up the active trading range to roughly $62k – $68k,”
the trading and analytics firm wrote in a recent social media post.
RELATED: Analysts React to Bitcoin’s Current Price Movement, Assess Potential Rebound
Despite the current stability, trading firm QCP Capital suggests that crypto markets could be experiencing an “unsettling quietness,” with Bitcoin’s front-end volatility decreasing and the token trading within a range of $60,000 to $73,000.
“BTC is right smack in the middle 60/73k range, and BTC front-end vols have trickled down closer to 60%,” the firm wrote in a social media post.
The firm predicted that a market resetting might be ongoing, pointing to a slower but continuing stream of demand from traditional financial markets via Bitcoin ETFs. It concluded that the current market activity might be a ‘calm before the (bullish) storm.’
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
