Bitcoin Whales Still Silent When BTC Price Nears $21,000
On-chain data shows that the largest Bitcoin holders are not in the mood to act at current prices.
In a Twitter thread on July 14, BlockTrends analyst Caue Oliveira highlighted what he describes as an ongoing “hibernation” among Bitcoin whale wallets. An accompanying chart shows a marked lack of high volume transactions on the network in recent months, with only Terra’s crash causing a temporary trend break.
Popular trader Crypto Tony was also in the mood for modest optimism over short timeframes, with a view to shifting to $21,700 for profit-taking.
A noticeable change of tact occurred after initial losses after 40 years of US consumer price index (CPI) highs. Thus, compared to the July 13 lows, Bitcoin was up 11%.
Many major altcoins had responded well to the rebound in BTC price action, with Ether (ETH) making a noticeable rebound to cap more than 12% daily gains. ETH thus managed to avoid a return below the psychologically significant level of $1,000.
Others in the top ten cryptocurrencies by market cap also performed well, with only Solana (SOL) beating ETH in the past 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
CoinCu News
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Bitcoin
Bitcoin Whales Still Silent When BTC Price Nears $21,000
On-chain data shows that the largest Bitcoin holders are not in the mood to act at current prices.
In a Twitter thread on July 14, BlockTrends analyst Caue Oliveira highlighted what he describes as an ongoing “hibernation” among Bitcoin whale wallets. An accompanying chart shows a marked lack of high volume transactions on the network in recent months, with only Terra’s crash causing a temporary trend break.
Popular trader Crypto Tony was also in the mood for modest optimism over short timeframes, with a view to shifting to $21,700 for profit-taking.
A noticeable change of tact occurred after initial losses after 40 years of US consumer price index (CPI) highs. Thus, compared to the July 13 lows, Bitcoin was up 11%.
Many major altcoins had responded well to the rebound in BTC price action, with Ether (ETH) making a noticeable rebound to cap more than 12% daily gains. ETH thus managed to avoid a return below the psychologically significant level of $1,000.
Others in the top ten cryptocurrencies by market cap also performed well, with only Solana (SOL) beating ETH in the past 24 hours.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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