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Bitcoin Price Set to Move Up As Binance Whales Sell at $36K

January 18, 2021 at 15:35 by Ibrahim Anifowoshe

Bitcoin price is set to regain its price above $40,000 after last week Monday’s near 23% drop. In the last two weeks, the flagship crypto moved between the $35–40k price range. Since this price movement, the Bitcoin whales are dominating the price behavior as most of them are currently selling their holdings. As of writing, the leading crypto is trading at almost $36k, gaining 0.80% in the last 24 hours.

To predict the price of Bitcoin, the accumulation of Bitcoin away from the exchanges helps as a good bullish signal. The last time when more than 12k BTC was moved from Coinbase, the price of Bitcoin registered a positive spike.

In its recent bull rally, Bitcoin whales have been in a war. While Asian whales have been selling BTC at a premium causing a price dip during the Asian Market time, Coinbase Whales have brought the price to early levels during their market time. Bitcoin will have to break the $40,000 price mark before it can gain a further price.

Binance whales selling holdings

After two quiet weeks of bull run, Binance Whales have been selling BTC holdings at $36.5k, after Bitcoin surpassed this key price level. Bitcoin looks primed to hit $40k at the end of the day if it manages to keep its price afloat.

Forbes crypto analyst and investor, Joseph Young, took to his Twitter and called the Binance Whales “so-called “mega whales”‘ as they keep selling their holdings while Bitcoin looked “prime for a big move.”

Bitcoin looks primed for a big move.

– one concerning trend is that BTC continues to trade lower on Coinbase.

 — so-called “mega whales” keep selling

BTC is consolidating

Post-Christmas Bitcoin consistently grew at almost $1,000 per day with little to no price correction or market resistance. Hence, the need for consolidation at around $35,000. This should help the top cryptocurrency stabilize as it prepares to begin another bull rally to $50,000 price mark.

The last two week of January will help determine where the future of BTC is headed. A close monitor of Binance and Coinbase will offer some insights. Great outflows and inflows of Bitcoin and stable coin onto these crypto exchanges will help signal a bullish run for the flagship cryptocurrency.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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