The price of Bitcoin (BTC) rallied to above $48,000 on Feb. 9, and has been consolidating since. Analysts from Material Indicators found that whales were the primary driver of the rally.
This is largely considered a bullish sign. The probability of a Bitcoin top would increase when retail investors enter into the market en masse, as both the spot and derivatives markets get overheated.
Why are whales driving the price of Bitcoin up?
In recent months, so-called “mega whales” sold large amounts of Bitcoin between $33,000 and $40,000.
Orders ranging from $1 million to $10 million rose significantly across major cryptocurrency exchanges, including Binance.
But as the price of Bitcoin began to consolidate above $33,000 after the correction from $40,000, the buyer demand from whales surged once again.
Analysts at “Material Scientist” said that whales have been showing unusually large volume, around $150 million in 24 hours.
This metric shows that whales are consistently accumulating Bitcoin in the aftermath of the news that Tesla bought $1.5 billion worth of BTC.
Why now? Keep reading the article on https://mickaelmosse.com/bitcoins-elon-musk-pump-rally-to-48k-was-exclusively-driven-by-whales/