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NewsBTC 2022-07-04 14:32:52

Bitcoin Ready For Fireworks? Long Positions See Uptick This 4th Of July

Bitcoin seems to be forming a new range around its current levels as the cryptocurrency moves between the $18,600 and $21,000 area. BTC’s price has seen some recovery during today’s trading session and might experience some volatility due to the U.S. Independence Day, July 4th. Related Reading | Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact At the time of writing, Bitcoin trades at $19,500 with a 4% profit in the last 24 hours. Data from analyst Ali Martinez indicates an increase in Bitcoin holdings from addresses with 100 to 10,000 BTC. These whales have been adding over 30,000 BTC to their holdings. In addition, Martinez records over 40,000 BTC leaving crypto exchange platforms. The less Bitcoin supply there is available on these venues, the less it can be sold on the market. These market dynamics translated into this weekend’s price action. In addition, Material Indicators records an increase in buying pressure from investors with a large bid (purple in the chart below) which coincides with short-term whale accumulation. These whales have been the “most influential” over the BTC’s price action and could be hinting at more gains. Material Indicators also recorded bullish momentum on the weekend’s price action. In fact, every investor class except retail and massive whales with over $1 million in bid orders seems to be buying into BTC’s price action, as seen in the chart below. Additional dat...

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