Bitcoin price is currently trying to regain its position above $40,000 having spent the past two weeks in the $35k – $40k price range, after experiencing a near 23% drop last Monday. The Bitcoin whales are currently dominating the price behavior of the top cryptocurrency as most of them are currently on a selling spree and they would also determine the next big move for BTC.
The accumulation of bitcoin away from exchanges is seen as a good bullish signal as whales move their coin out from the exchange in anticipation of a price rise. Recently, the flow of Bitcoin on Coinbase, one of the leading and largest crypto exchanges also helps in predicting bitcoin price movements. The last time when more than 12k Bitcoin was moved from the exchange, the price of the top cryptocurrency registered a good spike.
Waiting for big Coinbase outflow (10k+ $BTC).
If it happens, you better buy more Bitcoin. I think it's soon.
— Ki Young Ju 주기영 (@ki_young_ju) January 18, 2021
Bitcoin in its current bull rally has seen a war of whales where Asian whales were selling BTC at a premium leading to a price dip during Asian market time followed by a buying spree by Coinbase whales that would then bring the price back to early levels. BTC needs to get past the key resistance of $40,000 before seeing any further price gains.
Bitcoin Price Gearing up for Big Move?
Bitcoin after a quiet two weeks in the ongoing bull run is look set for another price action after managing to surpass the key level of $36.5 k where most of the Binance whales sold their holdings. If Bitcoin manages to keep its price afloat, it could again touch $40,000 by end of the day.
So far, Bitcoin looks good for a move up.
Many Binance whales sold at $36.5k.
— Joseph Young (@iamjosephyoung) January 18, 2021
It is important to note that post-Christmas Bitcoin has soared almost 1000 USD every day with little to no resistance or market correction, thus consolidation above $35,000 should be helping the top cryptocurrency to build strong support before starting another rally that could push its price into $50,000 territory very soon.
As the week progresses one must keep an eye on Coinbase and Binance for the outflow of Bitcoin and inflow of stablecoin, a great outflow of Bitcoin and inflow of stable coins onto these exchanges would be a bullish signal for the top crypto currency.