Amid BTC’s v-shaped bounce, Bitcoin well stock hit a record high of 670K.
Bitcoin (BTC) price quickly recovered above $67,000, after dropping to a low of $65,200, a 3% change. Despite the recent decline, long-term Bitcoin stock sentiment gauge tracking remains unchanged as BTC whales hit new highs.
Bitcoin's well scales indicate “bright” long-term prospects
BaroVirtual, a certified Bitcoin researcher at CryptoQuant, has highlighted that Whale's current holdings have reached a new all-time high (ATH) of around 670,000 BTC. The chart shows a rising trend through 2024, with whales initially covering their previous ATH holding level from July 2020.
Bitcoin whale holdings chart. Source: CryptoQuant
Commenting on the current increase in whaling, the researcher noted that it is an optimistic long-term sign.
“This level of convergence can be characterized as the calm before the storm in the medium and long term.”
BaroVirtual added that the price of BTC can usually move in a sideways direction when the value of the whale position shows a new high, but it creates more demand during a bull market.
Thus, the parabolic rise in the price of Bitcoin occurs as whales gradually reduce their holdings and retail investors take the pressure of selling from the market.
Cointelegraph previously reported that the Bitcoin Well stock is currently in line with its 2020 trend. The Bitcoin whale ratio on the exchange has been matched with the previous high of 2020, with polar wallets accumulating more than 1.5 million BTC in the last six months.
RELATED: Bitcoin Well Stock Shows 2020 Trend As BTC Raises 550%
Bitcoin returns $67,000 when ETF earnings are positive
On October 22, Bitcoin ETF flows recorded the first net negative $79.1 million in two weeks after the price of BTC fell 3% the day before. As the community expected a cooling period from the institutions, the data showed that ETF income rose to $192.4 million on October 23.
The positive flow was observed on a negative intraday candle for BTC, suggesting continued bullishness from institutions regardless of short-term declines.
Meanwhile, Moustache, an independent crypto analyst, shed light on the recently highlighted indicator of Bitcoin's golden age.
The analyst indicator has successfully called bullish leg starts four times in the last four years, making it a reliable tool.
Bitcoin golden moment indicator chart by Mustache. Source: X.com
From a technical perspective, Bitcoin managed a quick recovery above $67,000 after showing a V-pattern from the first order block or interest zone.
As reported by Cointelegraph on October 23, the most frightening scenario for BTC was an immediate jump from $64,500 after the crypto asset reflected the July ‘fractal' pattern.
Bitcoin 4-hour chart. Source: Trading View
BTC's price action is currently playing out as expected, but will receive further bullish confirmation after the daily candle moves above the $67,800 resistance.
Related: How Low Can Bitcoin Price Go?
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
