An analysis by Alphractal highlights the activity of large investors, known as 'whales', in the Bitcoin market. These changes are of interest to crypto market observers.
Whale Activity in Bitcoin Market
Recent evaluations reveal that large investors have aggressively switched back to buying Bitcoin. According to Alphractal's data, the 7-day Open Position Delta value of Bitcoin has turned positive again, indicating that whales are opening more positions in anticipation of a price rise. The 'Whale Position Sentiment' indicator used by the company confirms this trend.
Support and Short-Term Targets
According to CEO Joao Wedson, Bitcoin has begun to form a new support zone after reaching $108,000. He refers to this level as a base-forming process known as the 'last support point' (LPS) in technical analysis. Wedson suggests that the $113,000 level could be targeted in the short term. He also noted that short positions might be risky unless the price enters a long-term horizontal consolidation.
Miners' Behavior
Analysis of miner behavior found that the BTC.com mining pool was the source sending the most Bitcoin to Binance. However, there has been a significant decrease in this flow in recent months. This indicates that miners are expecting the price to rise further, as selling pressure has decreased.
Thus, Alphractal's analysis highlights that whale activity and miners' behavior provide grounds for optimistic price forecasts for Bitcoin. Further monitoring of these factors will be important for understanding market trends.
