It is critical for Bitcoin price to exceed $51,000
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According to CryptoQuant’s Stock Whale Ratio indicator, the ratio of cryptocurrencies transferred to exchanges to withdrawn cryptocurrencies has reached the highest level in the last year.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.”
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.
#Bitcoin 100-1K wallets keep stacking and the supply controlled by them repeatedly hitting ATH.
Not saying it will definitely go parabolic like in the previous year but it surely looks like it. pic.twitter.com/d9qnA0VEeA
— Lex Moskovski 🐙 (@mskvsk) December 24, 2021
Miners also accumulate block rewards instead of selling them . The miners’ reserves have reached the highest level in the last six months.