- Market intelligence platform addresses whales accumulating stablecoins for massive crypto buys.
- BTC reaches $30K, the long-awaited target amidst the US Dollar losing value.
- Three macro higher low levels were spotted for BTC; it may form its next higher low.
Santiment, a market intelligence platform for cryptocurrencies reported that sharks and whales were ardently waiting for BTC to hit the 30K to 31K price range in order to make a massive crypto buy. In preparation for this massive buy, the whales were accumulating stablecoins such as Dai ($DAI) and Paxos Standard ($USDP).
Giving more insight with figures and numbers, Santiment stated that the whales have accumulated 2% of the entire supply of DAI since June 27, and 11% of the entire supply of USDP since July 2.
This accumulation comes at a crucial time when the US Dollar is losing its value which intuitively is supposed to add value to other markets like stocks, crypto, etc. Meanwhile, BTC seemed to have achieved the target that the whales and sharks were waiting for. At press time, BTC is trading at $30,382 with a decrease of 1.34% during the last 24 hours.
The encircled fluctuations of BTC as shown in the chart look very similar. All three encircled parts show BTC consolidating above the 0.236 fib retracement level. Moreover, on all three occasions, BTC consolidated just after a spike. Furthermore, each higher low that BTC made during 2023 has been established in the Fib retracement 1 level.
Since BTC formed a hammer and is currently testing the 0.236 fib retracement level, buyers may be able to defend that level. However, in the event that BTC breaches the 0.236 fib retracement level, there is a high chance that it could fluctuate between 0.236 and 0.382 fib retracement levels which represent $29,900 and $31,500 respectively (possible retracement level).
Meanwhile, the whales are ready to pounce on BTC now that it has reached its long-awaited target. It will be interesting to see how BTC will reach new resistance levels. It may break $31,500 first and then it may rise to $41,000 before encountering strong resistance.
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