Santiment data shows that the current Bitcoin consolidation is because whales or large BTC holders are losing interest. Specifically, block transactions exceeding $100k have significantly dropped in the past few weeks. A parallel analysis by Ali Martinez, an on-chain analyst, concurs with this observation. Currently, BTC prices are moving in a tight trade range at spot rates, below critical psychological support at $20k.
How whales influence Bitcoin prices
This trend is evident not only among large whales but also among mid-sized whales. On the Bitcoin network, the volume of large transactions (greater than $100,000) has reached a yearly low of 8040 transactions, indicating a lack of activity among whales and institutions on the BTC network.
Other on-chain data also suggests investors’ interest in purchasing BTC has declined. According to crypto analyst Ali Martinez, citing data from IntoTheBlock, the number of new addresses created on the BTC network has decreased by 8.16% in the past week. This decline in network activity indicates that investors would rather avoid buying BTC at its current price level.
Bitcoin price action analysis
The volatility of Bitcoin’s price has reached a new all-time low, making it challenging to predict the direction in which the BTC price will move. According to the analyst, Bitcoin is currently “resting between two large supply blocks” between price levels of $16,600 and $17,000. The price level of 16000 holds about 1.46 million addresses and 915K BTC. Meanwhile, at $17,000, it has about 1.27 million addresses and 730K BTC.
However, Martinez advised it’s worth noting that the market is constantly changing, making it hard to make predictions. It’s essential for newbies and whale investors to carefully consider their risk tolerance and investment strategies before deciding to buy Bitcoin.
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