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 “
Bitcoin looks primed for a big move.
– one concerning trend is that BTC continues to trade lower on Coinbase.
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so-called “mega whales” keep selling
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 [shown by chart below]. h/t @MI_AlgosSo far, there are no indicators of a big move up. This could change though. (1/2) pic.twitter.com/bv51bMCrGm
— Joseph Young (@iamjosephyoung) January 18, 2021
BTC is consolidating
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.
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