- Santiment insights revealed that BTC whales do impact BTC’s price.
- Whales may accumulate BTC in the $12,200 and $14,600 range.
- The crypto market leader’s price is slightly up over the last 24 hours.
The blockchain analysis firm, Santiment, shared its latest insight in a Twitter post today. The insights examine the effect that Bitcoin (BTC) whales have on the markets.
According to the insights, BTC holders who own between 1,000 and 100,000 BTC are a good indicator of long-term price direction. The report added that investors and traders can develop a good understanding of what will happen to BTC’s price by analyzing whale behavior.
Given that BTC whales have been net sellers recently, it seems that the price of BTC will continue to decline or consolidate at the very least for the next 6-12 months. In addition, it will be important to watch what whales do in the $12,200 and $14,600 price range. Whales may begin accumulating BTC at these prices, which is indicative of a cycle bottom, the report added.
BTC is currently trading at $16,598.12 according to CoinMarketCap. This follows after a small 0.18% increase in price over the last 24 hours. Unfortunately, the market leader’s price movement is still in the red on the weekly timeframe and is down 1.43% over the last 7 days.
The price of BTC has consolidated on the weekly timeframe as it gradually makes a move towards the 9-week EMA line, which has maintained its role as a key resistance level in this bear cycle.
Technical indicators suggest that the market leader’s price is in limbo as interest in the crypto market is down. Firstly, the 9-week EMA and 20-week EMA lines are almost neutral and are parallel to each other. Secondly, the weekly RSI line has also leveled out at neutral for the last 5-6 weeks.
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