Bitcoin News

The “Bulls Have Won” As Bitcoin Price Finds New Support

As Bitcoin price finds new support levels with whale investor clusters, it’s possible that a bullish trend is on its way.

According to Bitcoin on-chain analysis firm, the “bulls have won” as Bitcoin price finds support as a result of strong whale cluster activity. Research from Whalemap indicates that the price of Bitcoin could be heading in a short-term reversal following a minor decline in price. In the past 48 hours, Bitcoin price has risen over 5% gaining to a healthy $10,755 USD across the world’s leading exchanges.

Whale activity indicates a possible bullish trend

The whales, which have a massive influence on the markets movements, have been testing and pulling back and the current trend, with a nearly 5% incline, points towards the bullish activity. Large-scale investors holding their cryptocurrency are tending towards bullish sentiment, as indicated by the fact that the whales are anticipating Bitcoin price to become profitable in the short and medium-term.

As suggested by Whalemap, there are data points around $10,407 USD, $10,570 USD and $10,667 USD which very likely represent whale clusters. Looking at trends historically, there’s a high chance that these three levels will become the support levels. This is likely, provided the price of Bitcoin remains above $10,700 USD.

Bitcoin strengthening with positive momentum

On-chain analyst Willy Woo offered a similar sentiment, highlighting that the strength of Bitcoin might lie in its inverse-correlation with the US dollar and traditional markets. This, as investors consider Bitcoin as an option to hedge against the declining US dollar, stands as an extremely beneficial chance for Bitcoin to see higher volumes of adoption. As Woo offered:

Posted: Sep 27, 2020 Author: Becky Categories: Bitcoin News