Bitcoin whales are still "lying dormant" as Bitcoin hovers around $21,000

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Bitcoin whales are still “lying dormant” as Bitcoin hovers around $21,000

Bitcoin whales are still "lying dormant" as Bitcoin hovers around $21,000
Source: CoinTelegraph
1657967989 16 Jul / 10:39

The price of Bitcoin has risen 11% from the week's lows, with one trader targeting $21,700 next. Bitcoin (BTC) reached $21,000 for the first time in many days on July 15 as markets experienced "summer relaxation," in the words of one trader.

According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair inched closer to $21,000 on Bitstamp.

After early losses in response to forty-year highs for the U.S. Consumer Price Index, a discernible shift in strategy had taken hold (CPI). The BTC/USD pair increased 11% from its lows on July 13.

Cointelegraph writer Michal van de Poppe summarized, “Summer relief time.”

Famous trader Crypto Tony was likewise in the mood for moderate optimism on short timeframes, with a profit-taking move to $21,700.

“If we get this, then Alts can continue to enjoy a nice pump and relief rally,” he tweeted.

Numerous prominent cryptocurrencies have responded positively to the increase in BTC price movement, with Ether (ETH) making a notable return to cap daily gains of over 12 percent.

By market capitalization, others in the top 10 cryptocurrencies also performed nicely, with only Solana (SOL) surpassing ETH over the previous 24 hours.

Thus, ETH/USD avoided a drop below the psychologically critical $1,000 threshold.

Meanwhile, on-chain statistics revealed that the major Bitcoin holders had no intention of acting at current pricing.

In a July 14 Twitter thread, BlockTrends researcher Caue Oliveira emphasized the continuation of “hibernation” among whale wallets.

“Whales remain in hibernation, waiting for the right moment to wake up,” he remarked.

“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.”

In recent months, there has been a marked scarcity of high-volume transactions on the network, with only the Terra LUNA explosion producing a short trend deviation.

“Here we have a clear view of the low institutional activity, almost non-existent after the month of May,” Oliveira continued. “Which was briefly awakened during the LUNA crash but which returned to hibernation.”

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