Bitcoin Whales Seize Opportunity Open Massive Long Positions at 69000
Bitcoin (
BTC
) is currently experiencing a period of stagnation, with on-chain data suggesting that big players in the market may be gearing up for a potential price surge in the cryptocurrency.
According to Ki Young Ju, the founder of the crypto analysis platform
CryptoQuant
, Bitcoin whales have been opening massive long positions at the $69,000 mark, indicating a positive outlook for the future price of Bitcoin. This move reflects a sense of confidence among major investors in Bitcoin’s trajectory, even as the market continues to consolidate.
Another analyst, Ali Martinez, has also shared data supporting this bullish sentiment. In a recent post on June 7, Martinez highlighted a significant increase in the ‘Bitcoin Taker Buy Sell Ratio’ on the HTX cryptocurrency exchange. The ratio skyrocketed to 730, suggesting strong buy pressure and a bullish sentiment among traders. This surge in buying activity hints at a potential upward movement in Bitcoin’s price in the coming days.
The recent surge in demand for Bitcoin from whales and long-term holders, as identified in a report by
CryptoQuant
, further reinforces the positive outlook for Bitcoin’s price. This growth in demand is seen as a necessary precursor to a sustainable price rally, hinting that Bitcoin may be on the brink of a price increase.
Interestingly, the current behavior of Bitcoin whales closely mirrors their actions in 2020, just before the cryptocurrency surged from $10,000 to over $60,000. This surge in whale activity was characterized by an increase in over-the-counter deals during a period when Bitcoin remained stable around $10,000 for several months.
Additionally, Martinez noted a breakout in the daily active addresses trend on Santiment, indicating a significant uptick on June 8 with 765,480 Bitcoin addresses becoming active within the last 24 hours. This surge in active addresses is seen as a positive indicator, suggesting that the bull run in the cryptocurrency market may continue.
Looking ahead, Bitcoin is currently aiming to breach the $70,000 resistance level. Despite failing to hold this position earlier in the week after reaching as high as $71,000, many believe that the ongoing bull run still has room to grow. Trading analyst
TradingShot
has pointed out the potential for Bitcoin to rally further, advising investors to keep an eye out for buying opportunities within the range of the 50-day moving average (MA50).
As of the latest update, Bitcoin is valued at $69,518, showing a slight gain of about 0.1% in the past 24 hours. It remains to be seen whether the cryptocurrency will successfully break through the $70,000 resistance level in the near future.
Please note that the information provided in this article should not be construed as investment advice. Investing in cryptocurrencies carries inherent risks, and investors should exercise caution and conduct their own research before making any investment decisions.