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It is critical for Bitcoin price to exceed $51,000

Bitcoin whales are also in the limelight this week due to the large amounts transferred to exchanges.

It is critical for Bitcoin price to exceed $51,000

BitcoinBTC ) whales are also in the limelight this week due to the large amounts transferred to exchanges.

24 December data from on-chain analytics platform CryptoQuant  reveals that whales are increasing their presence as potential sellers.

Bitcoin climbs to $51,000

According to CryptoQuant’s Stock Whale Ratio indicator, the ratio of cryptocurrencies transferred to exchanges to withdrawn cryptocurrencies has reached the highest level in the last year.

With the BTC/USD pair rising to $51,000 on Thursday night, there was also a significant increase in the number of coins transferred to exchanges. This may indicate that large investors are planning to take profits in the current price range.

“Be careful until BTC definitively crosses the $51,000 level,” one CryptoQuant analyst warned.

“Once this level is crossed, the next important level of resistance is located at $56,800.”

Stock Whale Ratio and BTC/USD parity, explanatory chart. Source: CryptoQuant

Contrary to expectations , Bitcoin started Friday above $51,000, the critical level to enter bullish sentiment.

Should deposits be ignored?

The sales potential of the whales has not yet emerged. Large investors have diverged from small investors over the past few weeks on their buying behavior .

CryptoQuant and some other sources reveal that this is still the case, while stock market withdrawals, on the contrary, reflect the “peak accumulation period” seen in September before Bitcoin broke a record at $ 69,000.

Miners also accumulate block rewards instead of selling them . The miners’ reserves have reached the highest level in the last six months.

Bitcoin miners’ reserve and BTC/USD pair, explanatory chart. Source: CryptoQuant

Samuel Hegi

Samuel Hegi , who first became acquainted with blockchain technology in 2014, is highly critical of blockchain technology. Samuel Hegi, a journalism graduate from the University of Brighton Theblockchainnew.com he is the editor-in-chief of the news portal. Blockchain is love.

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