Cryptocurrency analysis firm Alphractal and its CEO Joao Wedson have shared a remarkable analysis of Bitcoin’s (BTC) recent market movements.
The evaluations made reveal that especially large investors, namely “whales”, have once again aggressively switched to the buying side of the market.
According to Alphractal’s data, Bitcoin’s 7-day Open Position Delta value has turned positive again. This development shows that whale investors are opening more positions in anticipation of the rise. The “Whale Position Sentiment” 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. Stating that this level indicates a base-forming process called the “last support point” (LPS) in technical analysis, Wedson stated that the $ 113,000 level could be targeted in the short term. He added that short positions could be risky unless the price enters a long-term horizontal consolidation.
On the other hand, analysis of miner behavior found that the BTC.com mining pool was the source sending the most BTC to Binance. However, there has been a significant decrease in this flow in recent months. This indicates that miners are expecting the price to rise even more and the selling pressure has decreased, according to the analyst.
*This is not investment advice.
