Bitcoin (BTC) kept up pressure on key resistance into April 24 as research showed whales “buying the dip.”
Bitcoin whales seize the day
BTC price action circled $67,000 after a boost at the latest daily close, data from Cointelegraph Markets Pro and TradingView confirmed.
Still within a narrow range, bulls continued to grind away at nearby order book liquidity.
According to current figures from monitoring resource CoinGlass, a bid wall of around $35 million on Binance was taken into the daily close, with the bulk of ask liquidity now sitting between $67,000 and $67,500.
“A 1-Month view of the order book illustrates how dynamic changes in liquidity placement impact overall price action,” trading resource Material Indicators wrote in part of a post on X (formerly Twitter).
“The NET effect of blocks of Bitcoin ask liquidity moving lower, and some blocks of bid liquidity moving higher tightens up the active trading range to roughly $62k – $68k.”
An accompanying chart additionally showed trading behavior among classes of Bitcoin whales.
Of interest is the $1-$10 million order category, which, in contrast to others, increased exposure through April.
This adds to existing findings from research firm Santiment, with new analysis now revealing “FOMO” on the part of wallets with a balance between 1,000 and 10,000 BTC ($66.7 million — $667 million).
“Bitcoin’s key whale tier holding 1K-10K $BTC are supporting this rise, and have now accumulated 266K more $BTC since the start of 2024,” Santiment wrote in X commentary.
“This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of FOMO.”
The class of whale under examination now owns more than a quarter of the BTC supply, heading for new record highs.
BTC price action sees “unsettling quietness”
The day prior, meanwhile, trading firm QCP Capital suggested that crypto markets could enjoy a final stretch of low volatility before a seismic shift takes hold.
Related: Bitcoin outperforms Tesla stock for the first time since 2019
In the latest edition of its “New York Color” market updates sent to Telegram channel subscribers, QCP described what it called “unsettling quietness.”
“BTC is right smack in the middle 60/73k range and BTC front-end vols have trickled down closer to 60%,” it wrote.
“Just last week, we had the fourth BTC halving and the market was panicking over the outbreak of war in the Middle East (which has since de-escalated).”
Analysts referenced the reset in Bitcoin funding rates and a slow but steady return of interest to the United States’ spot Bitcoin exchange-traded funds (ETFs).
“Demand from TradFi continues to stream in albeit at a slower pace with BlackRock posting 70 consecutive days of inflows,” the update concluded.
“Is this the calm before the (bullish) storm?”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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