Bitcoin Whales Buy the Dip as Market Hovers Around $67K: Is This the Calm Before the Storm?
Summary:
Bitcoin held consistent pressure on key resistances, with data showing Bitcoin whales actively buying the dip. The market hovered around the $67,000 mark after a recent increase and order category of $1-$10 million showed increased exposure throughout April. Observations suggest a FOMO among wallets holding between 1,000 and 10,000 BTC. A trading firm hinted at a short period of low volatility in crypto markets before a significant shift occurs. This period is referred to as an "unsettling quietness." Increased attention is drawn towards a decline in Bitcoin funding rates and a gradual return of interest in U.S. Bitcoin spot ETFs.
Bitcoin has maintained significant pressure on key resistances as April 24 unfolds, with data indicating that Bitcoin whales have been actively "buying the dip". Bitcoin's market activity hovered around the $67,000 mark after a recent increase at the last daily closure. This data is confirmed by Cointelegraph Markets Pro and TradingView.
Notwithstanding their confined scope, market bulls continue to chip away at the liquidity present in the order book. Monitoring platform CoinGlass points out that a bid wall of about $35 million on Binance was consumed at the daily closure, with the majority of the ask liquidity now residing between $67,000 and $67,500.
A glance at the monthly order book shows how the fluidity of liquidity placement could impact the overall price action, as Material Indicators, a trading resource, pointed out. The overall result is the constriction of the Bitcoin ask liquidity and the shift of some bid liquidity, tightening the active trading range between roughly $62,000 - $68,000.
A correlated chart delineates the trading patterns among different groups of Bitcoin whales. Interestingly, the order category of $1-$10 million demonstrated increased exposure throughout April.
Additional data from research company Santiment suggests a "fear of missing out" (FOMO) among wallets holding between 1,000 and 10,000 BTC ($66.7 million — $667 million). According to Santiment, this whale tier has supported Bitcoin's rise and accumulated an additional 266K BTC since 2024's start, or about 1.24% of Bitcoin's total supply. This signifies a pronounced degree of FOMO among the crowd.
Whales from this group currently own more than 25% of total Bitcoin supply and are likely to set new record highs.
QCP Capital, a trading firm, hinted on the previous day that cryptocurrency markets might experience a short period of low volatility before a significant shift occurs. In its market update sent to "New York Color" Telegram channel subscribers, QCP referred to an "unsettling quietness" in the Bitcoin market.
Analysts drew attention to the decline in Bitcoin funding rates and the gradual return of interest in U.S. Bitcoin spot exchange-traded funds (ETFs).
They also noted the consistent inflow into BlackRock for 70 consecutive days, albeit at a slower rate. "Is this the calm before the (bullish) storm?" they wondered.
Senior advisors suggest that all trading and investment maneuvers entail risks and that investors should conduct extensive research before making any decisions. This article does not offer investment advice or recommendations.
Published At
4/24/2024 8:02:11 AM
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