The Whales Are Out To Feast: Bitcoin Lingers Around the ATH
Bulls Battle Resistance: The Significance of Bitcoin’s $69K Rejection
Many indicators can signal Bitcoin’s movement, but whale activity has proven one of the most reliable throughout the years. Following Bitcoin’s recent breakout, the whales have started to accumulate more coins, potentially signaling that an even stronger move will follow.
According to data from on-chain market analysis firm Glassnode, whale levels have increased steadily since January 2024 when the number was around 1,500 addresses. The latest data show that currently there are 1,678 wallets that hold more than 1,000 BTC (this is the consensus minimum number of BTC for a wallet to be considered a “whale”).
A similar behavior took place in 2021, when whale addresses increased steadily since January, which ultimately led to an All-Time High (at that time) at $69,000 by the end of the year. We’ve already had a new All-Time High this year, at $73,794 but with Bitcoin lingering around $68,000 at the time of writing, it’s not a stretch to think that we may get a new All-Time High by the end of the year.
On top of this whale accumulation and increased institutional investment (spot BTC ETFs are having a good run), it looks like retailers are starting to pile up as well. In a previous post, we mentioned that retail traders are still not in FOMO mode. This appears to have changed, as retail interest in Bitcoin has increased by 13% in the last 30 days. Maybe we are not at FOMO levels just yet but data suggests that retail traders are stepping into the action.
Chart Analysis – BTC/USD
Bitcoin has been mostly flat during the last 7 days, showing a – 0.64 fluctuation, and in the last 24 hours, it gained 0.76%. However, after the first touch of $69,000, it dropped as low as $65,000 and then immediately recovered the next day.
This rejection at $69,000 is relatively normal, considering that $69,000 was a previous ATH and thus an important level. In fact, the price also reacted to this level the last time it reached it (in late July of this year).
Now we have a double top at $69K, which is an important pattern that can generate strong moves, depending on how the price behaves here. It looks like there is enough bullish pressure for a break and this is mainly shown by the fact that the bulls immediately erased the losses after the first touch of resistance.
If a break does happen, that will open the door for an assault of the All-Time High at $73,794 but before that can happen, Bitcoin must clear another hurdle represented by the previous double top at $71,500.
