Whales’ activities have increased in recent years since the hype and adoption of cryptocurrencies are surging. The crypto market is currently bullish while BTC has already crossed its crucial resistance level. After a long bear market, now the leading cryptocurrencies are experiencing a bullish run.
Most crypto users might believe that whales play a major role in the market but the answer would be confusing. It is not decided whether they play a major role or not, as the price action also depends on whales. But on the contrary, the transaction amount of these whales doesn’t reflect the price action of the cryptocurrencies. As the amount that whales shift won’t be a huge volume that could make a big difference.
Significantly, storing cryptocurrencies is usually to generate more profits in the future. These activities are being done on a regular basis while some platforms notice and record. Similarly, Whale Alert is a blockchain monitoring system that uses its Twitter account to post interesting transactions as they happen.
$47 Million Worth of BTC
As per the recent post from Whale Alert, whales have shifted over 1,000 BTC from an unknown wallet to Gemini. Gemini is a cryptocurrency exchange that allows users to buy, sell, and trade crypto-assets instantly. Exchanges are the main sources for whales to perform their actions seamlessly and achieve their goal.
Bitcoin is the world-known cryptocurrency that the entire world opts to own. Most probably, the price action of the whole crypto market depends on the price fluctuations of Bitcoin. That’s how BTC has created its impact across the crypto industry all over the world. Currently, the Bitcoin price has begun to surge after a long-term bear market. Utilizing this case, whales have targeted BTC to store in their wallets for future gains.
However, it is expected that BTC will soon reach its next crucial resistance level at $51,100 thus it will advance higher. But if it fails to break resistance and to support level then it will lead to $40,890. If BTC couldn’t hold at this point it might further drop to the next support level at $37k. Currently, the price value of Bitcoin is $45,857 with a 3.4% drop in the last 24-hours. Furthermore, looking for a strong uptrend will not be a better option as the analytics seems to display a bear pattern until BTC’s pullback to the $51 zone.