Bitcoin has been trying to hold above the $60,000 level for a long time. While $60,000 is a good support, testing this level multiple times is making some investors nervous as an indicator of weakness.
CryptoQuant CEO Ki Young Ju shared that this sideways movement at the $60,000 level is due to whale sales, but still this level is well preserved.
Examining the graph shared by Ju, we see that despite the increase in whale activity in the stock markets, the price is holding at a certain level and the supply in the stock markets is gradually decreasing in this process.
Commenting on the chart, Ju said:
“Bitcoin is holding above the $60,000 support despite the dumping of whales.
(Bearish sign) Most Bitcoin deposits come from whales. Top 10tx, almost 90% of total volume in an hour.
(A bullish sign) BTC reserves on exchanges are declining, indicating that the supply crisis will continue.”
Whale activity in Bitcoin is increasing, while reserves on exchanges are decreasing, suggesting that someone is collecting while someone is selling.
We have come across similar charts in the process that Bitcoin was trying to break $20,000. Until this handover and accumulation process is over, we may see fluctuating movements in this region for a while.
*Not Investment Advice.