Chainlink (LINK) Price Heavy Correlated With Bitcoin; What It Means

The Chainlink price has shown a particular deviation from the rest of the crypto assets market over the last 30 days. But it is the current zone $LINK is trading in that has a historical context in correlation with Bitcoin price. Does it mean another spell of bullish wave for the top 20 altcoin?

Also Read: ETH Price Shoots As Valkyrie Secures Permission to Club ETH-BTC Futures Contracts

LINK Price Vs BTC

A look at LINK Price pattern in relation to the BTC price showed that there has been a negative correlation for Bitcoin whenever the altcoin showed optimism around the $8 mark. Crypto influencer DocXBT observed that a LINK price rise above $8 has often followed by a BTC sell off. This could be a clear indication of Bitcoin whales trying to gain entry into Chainlink in anticipation of profits.

Interestingly, the token price has just reached the cusp of the $8 milestone. In addition, the altcoin whales signal bullish momentum with buy activity in recent times.

Chainlink Whales Turn Bullish

Meanwhile, the Chainlink whales have in the last two week displayed confidence in the altcoin, with accumulation of around $53 million worth tokens in the time period. On chain data shows that the whales have purchased over 7.5 million LINK in the space of just two weeks. Supporting this momentum is the finding that the Chainlink address activity rose to a two month high and a decrease in the token’s supply on centralized exchanges (CEXs).

Also Read: Blackrock, Bitwise Spot Bitcoin ETF Filings Delayed; What Next?