Bitcoin Struggles To Keep Support Above $ 60,000 While Whales Are Released – What’s Next?

Bitcoin remains pegged on November 5th as new analysis shows that a break of $ 64,000 will help BTC climb to a new ATH.

Source: TradingView

Whale unloads goods

According to data from CryptoQuant, Bitcoin still sees a supply bottleneck despite an increase in whale populations on the exchanges over the week.

A well-known but curious fact – the big hodler is throwing BTC on the market, but at or near its all-time high in April.

Despite the argument that the bull cycle is far from over, whales are increasingly leaving their stocks.

“Most of the deposits into the exchange come from whales. The top 10 TX account for almost 90% of the total volume in one hour, ”said Ki Young Ju, CEO of CryptoQuant.

The following graphic shows the ratio of stock market whales – the top ten inflows to the stock exchanges compared to total inflows – with a significant increase from mid-October.

Source: Ki Young Ju / Twitter

However, although whales may be selling, overall BTC balances on the exchanges continue to decline.

There is a growing desire among buyers to satisfy the sellers’ offer, and this explains the relative stability of BTC price movement during the week, argued Ki.

“Despite forest dumping, Bitcoin has a support of over 60,000 US dollars … The currency reserves are decreasing, which leads to a lower supply on the stock exchanges.”

Numbers from Coinglass show Binance is an outlier of the November 5th trend, with its reserves rising 2,141 BTC in the 24 hours to press time.

Source: Coinglass

Next goal

After moving sideways for days, analysts continue to focus largely on altcoins as many tokens continue to rise to new record highs.

However, it won’t come as a surprise to analyst Michaël van de Poppe that BTC is turning bullish. He argues that if BTC / USD breaks this convincingly, $ 64,000 will be a stepping stone for the bulls. This level was resistance throughout the week after several breakout attempts.

“BTC is still hovering between $ 58,000 and $ 64,000, and the $ 64,000 region is a key area to make new all-time highs.”

If successful, there will be hardly any resistance for Bitcoin up to 72,000 USD hits.

November was predicted to be an extreme month – including a return to the mid-$ 50,000 region before ending at a potential high of $ 98,000. For van de Poppe, however, this price now seems unlikely.

“I think it will be quite difficult to get there and the cycle could be longer than the previous four-year halving cycles.”

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Annie

According to AZCoin News

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