Bitcoin Whales Don Dey Gather $3.8B Don Drive Bullish Momentum
Bitcoin whales don dey increase their bullish momentum by dey add long positions and gather almost $3.8 billion worth BTC during the recent dips. On-chain data from Alphractal show say leveraged long orders wey pass $1 million full the market, as IntoTheBlock talk say net inflow of 40,000 BTC happen on February 5. Santiment report say dem lose 277,240 non-empty wallets over three weeks as small traders dey exit. Institutional demand still solid, with OTC balances drop from 480,000 BTC for September 2021 reach 146,000 BTC today. But resistance at 1.57 million BTC wey 1.6 million addresses hold around $97,200 average cost fit limit short-term gains. Overall, Bitcoin whales accumulation and steady buy pressure show say market dey bullish, even though short-term pullbacks fit happen before potential breakout to new highs.
Bullish
Bitcoin whales dem dey aggressively buy BTC and hold long positions, wey on-chain and institutional data dey support, dey show say plenty buyers dey pressure the market, wey normally come before price go up. Small traders dem dey reduce their positions, wey mean say selling pressure reduce. Even though big resistance zone dey around 1.57M BTC with average cost of $97,200 fit cause short-term pullbacks, the liquidity wey whales and institutions dey give show say market still dey strong. So traders fit expect say price go continue to rise as big holders dey gather their BTC before price go break to new high.