Bitcoin (BTC) price, which rose above $ 48k on Feb. 9, has been consolidating ever since. Material Indicators analysts found that whales were the main driver behind this rally.
This situation is generally accepted as a bullish indicator. As individual investors flock to the market, the likelihood of the Bitcoin price peaking increases as both the spot and derivatives markets become too crowded.
Whales raising the BTC price?
Big whales have sold huge amounts of Bitcoin between $ 33,000 and $ 40,000 in recent months.
Orders between $ 1 million and $ 10 million increased significantly on major cryptocurrency exchanges, including Binance.
When the bitcoin price reached $ 40,000 and consolidated at $ 33,000, the demand of whales who wanted to buy increased.
Material Scientist analysts stated that the transaction volume of whales has reached unusually high levels and has been measured at around $ 150 million in the past 24 hours.
The chart shared by analysts reveals that the whales are constantly increasing their BTC savings after Tesla bought $ 1.5 billion of Bitcoin. Analysts, stated that:
“There are still whales behind this rise. You might ask why the blue one is high. Because the transaction volume of whales is unusually high (150 million dollars in the last 24 hours)! They normally only make up a small fraction of the total volume delta (CVD) gauge, but this time they are in the majority. So there were almost all whales behind the rise to $ 50,000! “