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Bitcoin (BTC) Whales See Huge Buying Opportunity, Says Indicator
Vladislav Sopov
A proven indicator suggests a near recovery in the price of Bitcoin (BTC): It has been working since Q4 2018!
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Bitcoin (BTC) price bottom may have already been reached, whale activity suggests. More and more deposits are flowing into centralized BTC futures exchanges, which is generally a bullish sign for the orange coin, analysts from the CryptoQuant community say in their reviews.
Bitcoin (BTC) Whales May Be Buying Again, CryptoQuant Data Shows
The aggregate amount of deposits on futures exchanges has increased in recent periods, which could be a sign of potential interest from Bitcoin (BTC) whales. Typically, this combination of factors has unlocked good opportunities for futures whales to open long BTC positions, CryptoQuant analyst Mignolet (@mignoletkr in X) noted in his review.
He also pointed out that Bitcoin (BTC) market sentiment is permeated by fear, while funding rates on futures exchanges have turned negative.
Over the past two days and for the first time in weeks, Bitcoin (BTC) bulls have managed to bring the “Fear and Greed” index back into the neutral zone: it has jumped from 25/100 to 52/100 in just two days.
Furthermore, in a report to his 32,700 followers on X, Mignolet showed that over the past six years, such activity by depositors has led to an increase in the price of BTC at least sevenfold.
His colleague, certified trader Kapoor Kshitiz, indicated other bullish catalysts that make the whole situation more optimistic for the bulls. Bitcoin (BTC), he noted, managed to stay above the critical $60,000 level while a bullish deviation occurred on the RSI chart.
Is Bitcoin (BTC) Price Volatility Over?
In addition, Bitcoin (BTC) is trading above the 200-day moving average (200 DMA), which is usually considered the “bullish” zone for macro traders.
Last but not least, Coinbase Premium Gap is rising which is a clear sign of interest shown by the bulls. The indicator has managed to continue rising for the past nine days forming a clear bullish trend, data Shows.
As German law enforcement agencies finished selling their BTC reserves, Bitcoin (BTC) surged to $63,302 today, which equates to a 5.3% increase in 24 hours.
About the author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in IT analytics, 3+ years in blockchain.
He has worked both in independent analysis and in start-ups (Swap.online, Monoreto, Attic Lab etc.)