Home Bitcoin whales drive price above $67,000 resistance

Bitcoin whales drive price above $67,000 resistance

New research suggests that Bitcoin whales have been accumulating the cryptocurrency, keeping the price above a crucial resistance level until April 24, 2024.

According to data from TradingView, Bitcoin’s price witnessed a surge to $67,000 following the latest daily close, with bulls maintaining a tight range and moving away from order book liquidity for the BTC/USD pair.

Investors Continue to Accumulate

Current figures from the blockchain data platform CoinGlass reveal that approximately $35 million worth of bid walls were absorbed at the daily close on Binance, with most of the selling liquidity now positioned between $67,000 and $67,500.

An accompanying chart also displayed trading behavior among various Bitcoin whale classes. Interestingly, unlike others, the $1-10 million order category increased risk until April. This aligns with current data from research firm Santiment, indicating that FOMO is now prevalent among wallets holding between 1,000 and 10,000 Bitcoins. Santiment posted on X:

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. This translates to an accumulation of 1.24% of the entire supply. The crowd is also showing a high degree of #FOMO.

What’s Happening on the Bitcoin Front?

Meanwhile, trading firm QCP Capital suggested that crypto markets might experience a period of low volatility before any significant changes occur. In a market update sent to Telegram channel subscribers, QCP described the situation:

 BTC is right smack in the middle 60/73k range and BTC front-end vols have trickled down closer to 60% […] 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).

What can we make of this unsettling quietness in the market?

While market participants showed great anticipation of the Bitcoin halving, the price action failed to deliver on that premise. Reports indicate that Bitcoin miners started stockpiling near-record amounts of Bitcoin, hoping the token will rise in value and offset a drop in new supply that will cut the rewards for verifying transactions in half.

Still, so far the price is very near where it was before the halving — currently at about $66,000 — and even transaction fees have fallen sharply following the event.

About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Radek Zielinski
Tech Journalist

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.