Whales remain aloof amidst Bitcoin moves
July 18, 2022 1:21 AM
It's been a mix of reactions from crypto-currency massive patrons(Whales) as strange Bitcoin movement continues. The market plunge continues slightly with fewer altcoin making a brief rise just to plummet again such as ACM, Sol, Akro to name a few.
Whales activity in the market has been on the decline, as the crypto market greed index has been stuck on the fear zone for what could be said to be a prolonged strange Bitcoin price movement.
On July 14th, a Twitter thread by BlockTrends analyst Caue Oliveira highlighted what he described as "hibernation" continuing among the wallets of whales.
"Institutional movements, or commonly called "whale activity" can be tracked based on the transaction volume moved over a short period of time, both denominated in BTC and USD."
he observed that "Whales are still in hibernation, waiting for the right moment to wake up and make a move."
Without the whales to cause a tsunami and give the market a clear direction, it remains erosive and many traders are of the notion that analyses presently indicates irregularity in the market.
In conclusion, traders are still not convinced yet if the price of bitcoin (BTC) has reached its bottom before a healthy rebound. According to recent analysis circulating, most traders are waiting for a $13,700 bottom before the top ranked crypto would rally back up over $20,000 mark, so at this time bitcoin (BTC) 11% gain today is currently being perceived as a standard fakeout.