Already in the last days of the sixth month of 2020, and having noticed certain changes after the BTC Halving we can ask ourselves what will be the course of this cryptomon currency for the rest of the year. However, in this article we will evaluate the activity of Bitcoin whales in the last 24 hours.
Can the price of Bitcoin benefit from the „Fourth Turn“?
How many tokens have the Bitcoin whales mobilized in the last 24 hours?
In the last 24 hours there have been three operations by Bitcoin whales according to Whale Alert. Two of them were conducted from unknown wallets to Binance. Thus, the whales have introduced 2,517 BTCs to the market, but it has not had a noticeable impact since then.
The remaining trade occurred between exchanges, from Binance to Xapo, for 2,300 BTC. Here we could sense that the Bitcoin whales have not accumulated in the last few hours.
This has to do with the fact that Bitcoin is testing the $9,100 while the market is dealing with uncertainty. It is therefore understandable that the Bitcoin whales are still holding on to the tokens that have accumulated so far.
Is Bitcoin definitely not the promised reserve asset?
What has happened to the price of BTC in that time?
We are still in a tight market range, in which maintaining the level above US$9,000 is key. To this we can add the concern of George Clayton, managing partner of Cryptanalysis Capital, about the economic data for the rest of 2020.
The latter is relevant considering that so far crypto currencies like Bitcoin are not totally immune to the traditional market turns. This event has already been exposed in previous articles of CryptTrend, and you can review them at any time.
So, overall, it can be said that despite having fallen up to 32% in spot exchanges in March during the COVID-19-induced collapse, June has seen a more stable Bitcoin price movement.
The most pronounced drop in recent days was the one the BTC market dawned on today, after the Bitcoin price dropped by 1.25%.
Thus, it seems that US$ 9,300 has been the broadest level of support, while US$ 10,000 has been the best, with some scattered gaps. Meanwhile, DeFi’s have gained in popularity.
Although Bitcoin whales have some influence on the development of cryptomarket events, they are not the only determining factor in BTC price swings.
Therefore, the only thing we can say from observing recent Whale Alert The News Spy reports is that the whales are likely to close the month without a radical or sudden change in their actions.