Cryptocurrency analytics firm Alphractal and its CEO Joao Wedson share a prominent analysis of Bitcoin (BTC)'s recent market movements.
The rated ratings revealed that, among other things, large investors, namely “whales,” had once again actively switched to the buyer side of the market.
Bitcoin's seven-day open position, Delta Value, has once again been positive, according to Alphractal data. The development shows that whale investors are opening more jobs in anticipation of rising. The “Whale's Location Emotion” indicator used by the company also confirms this trend.
According to CEO Joao Wedson, Bitcoin began to form a new support zone after reaching $108,000. Referring that this level illustrates a fundamental formation process called the “last support point” (LPS) in technical analysis, Wedson said the $113,000 level could be targeted in the short term. He added that short positions can be dangerous unless prices fall into long-term horizontal integration.
Meanwhile, an analysis of miners' behavior revealed that the BTC.com mining pool is the source that sends BTC to Binance the most. However, this trend has been significantly reduced over the last few months. This indicates that sales pressure is falling as miners hope for prices to rise further, according to analysts.
*This is not investment advice.
