As a seasoned researcher with a deep understanding of the cryptocurrency market, I have closely monitored Bitcoin (BTC) price movements and trends for years. The recent increase in deposits to centralized BTC futures exchanges is a trend that has piqued my interest, as it’s a signal often seen before bull runs.
As an analyst, I have observed that the recent increased activity of Bitcoin (BTC) whales may indicate that the price bottom has already been reached. Furthermore, based on the data from CryptoQuant, a notable influx of deposits into centralized BTC futures exchanges is being reported. Historically, such a trend has often signaled a bullish outlook for Bitcoin.
Bitcoin (BTC) whales might be back to buying, CryptoQuant data shows
In more straightforward terms, an uptick in the total deposits of Bitcoin (BTC) into futures exchanges recently could be indicative of larger investors, or “whales,” showing interest. Historically, such a trend has often provided profitable opportunities for these whales to initiate long positions on BTC futures contracts, according to CryptoQuant analyst Mignolet (@mignoletkr).
As a crypto investor, I’ve noticed that when large players, or “whales,” start opening long positions in Bitcoin futures markets, it often signals an uptrend. historically, deposits of Bitcoin into futures exchanges have grown during such periods, and the price has indeed risen as a result. So, it might be worth considering following the lead of these whales and opening some long positions myself.
— CryptoQuant.com (@cryptoquant_com) July 15, 2024
Additionally, he highlighted that the Bitcoin market is permeated with apprehension, as demonstrated by the unfavorable sentiment. Furthermore, the funding fees on futures trading platforms have shifted into a deficit.
For the past two days, the “Fear and Greed” index for Bitcoin (BTC) has seen a significant shift, moving from a reading of extremely fearful at 25 out of 100, to neutral at 52 out of 100. This marks the first time in weeks that the index has left the fearful territory.
In a report addressed to his 32,700 followers on platform X, Mignolet illustrated how deposit activities by investors have triggered a Bitcoin price increase on at least seven occasions over the past six years.
Kshitiz Kapoor, a licensed trader among his peers, pointed out additional factors that boost optimism for Bitcoin (BTC) investors. The cryptocurrency successfully maintained its position above the significant threshold of $60,000. Moreover, there was a bullish divergence observed in the Relative Strength Index (RSI) chart.
Bitcoin’s (BTC) choppy price action over?
Additionally, Bitcoin (BTC) presently hovers above its 200-day moving average (200 DMA), a significant level often regarded as bullish terrain by strategic investors.
To put it simply, the premium gap on Coinbase is significantly increasing, signaling strong demand from buyers. This trend has persisted for the past nine days, resulting in an obvious upward pattern according to available data.
After finishing the sale of their Bitcoins, German law enforcement agencies observed a significant increase in the cryptocurrency’s value. Bitcoin reached a record high of $63,302 today, representing a 5.3% price rise within the last 24 hours.
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2024-07-15 19:14