A new trend is emerging across major crypto exchanges where big bitcoin whales seem to have finally joined on the Bitcoin frenzy post institutional validation. Top crypto exchanges have received several buy orders of above $1 million in the past week which explains how bitcoin has managed to remain unfazed by any market correction.
It's whale spawning season.
While the narrative is institutional money, this phase, IMO, it's really institutions have given Bitcoin validation, and now we have family offices serving the wealthy rushing in needing exposure.
There's a lot of requests for $1m+ buys happening. pic.twitter.com/VI0CK4ta0J
— Willy Woo (@woonomic) January 7, 2021
This growing demand from institutions, followed by retail entry and now whales coming in as well as the true reflection of bitcoin’s ongoing bull run. Unlike 2017, the trading volumes on the spot as well as the futures market are at an all-time-highs.
Asian Whales vs American Whales, The Game of Premiums and Strong Support
Over the past couple of weeks, Asian Whales and American Whales are involved in an intense trading dual keeping the BTC price afloat. The high demand for BTC has made the top cryptocurrency available at a premium price on numerous crypto exchanges across Asia luring many whales to sell their holdings at a higher rate than the market price.
The Asian time is followed by the US time so when Asian whales close their trading, the price of BTC falls which is followed by extensive buying by whales on Coinbase again pushing the price upwards. This has allowed bitcoin to convert most of its critical resistance into strong support, one of the key reasons behind Bitcoin not only breaking new all-time-highs but also consolidating the price.
Bitcoin is currently looking to break the $40K barrier which at this point looks quite possible as the top cryptocurrency is currently trading at $38,528 with a 10% gain over the past 24 hours.
Bitcoin Price Update, Next short Term Target $42,000
Bitcoin price has not looked back ever since it breached the 2017 high of near $20,000 and the top cryptocurrency today nearly doubled up its previous all-time-high after it breached the $38,000 barrier just a few minutes back. The top cryptocurrency which was consolidating above $34,000 yesterday recorded a new all-time high again today.
Bitcoin’s bullish momentum can be understood from the fact that the top cryptocurrency has risen by $21,000 in the past 21 days despite a couple of price crashes in between.