Let us check the cryptocurrency market. Data from Whalemap shows thirteen thousand dollars is turning into a Bitcoin whale support. It is because the price of Bitcoin hovers above $13,600.
Thirteen-thousand dollars has become a support level for the price of BTC. It is according to on-chain data from the analysts at Whalemap. Whale clusters indicate that large Bitcoin holders or whales are continuously accumulating.
Whale clusters form when many Bitcoin are transferred to a new address and BTC is unspent. That indicates that whales either transferred or bought their Bitcoin to other whales. Thus, it signified buyer demand.
A large whale cluster has emerged at the thirteen-thousand-dollar level. It might turn into a critical support level.
BTC’s ongoing rally has been different from previous uptrends. It is because it is more sustainable.
Bitcoin began to rally and gain momentum from September 23. After that, it has repeated patter of rallying and then establishing, consolidating exact support levels.
On September 23, Bitcoin rallied from $10,200 and $10,600, then consolidated. The rally started once again on October eight up to $11,700. Then it stabilized at $11,400 for a few days. Then on October nineteen, it began to rally once more.
It was a healthy rally of BTC. Thus, whales have been accumulating Bitcoin in critical areas. The whale cluster is at thirteen-thousand dollars. Therefore, it may suggest that in the near term, high-net-worth investors do not forecast a massive pullback occurring.
Andy Bohutsky is a Whalemap market analyst. Speaking to Cointelegraph, he explained that they have a whale cluster at thirteen thousand dollars. Furthermore, at that level, there is a lot of unspent bitcoins belonging to whale wallets. The price of Bitcoin is above the thirteen thousand dollars level. Thus, it should be acting as support. The origin of the cluster of the whale might be because of OTC deals. Looking at the HODLer volume amid the short time they spent at thirteen thousand dollars, shows that a lot of Bitcoin was moved during that time. HODLer transactions on October 23 (01:00 UTC Time) totaled more than one billion dollars.
On October 23, the $1.1 billion Bitcoin transactions were found to be a transaction made by Xapo. Xapo is a cryptocurrency custodial service provide. Thus, there is a high probability that there was an over-the-counter transfer.
Bohutsky said that SOPR has been consistently volatile. Nevertheless, it did not substantially increase when BTC surpassed $13.800.
That is the current news of the crypto market.
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