Bitcoin whale hits ‘FOMO’ as BTC price spirals below $67k liquidity zone
Bitcoin (BTC) remains under pressure at its key resistance until April 24 as research shows whales are “buying the deep”.
Bitcoin whales will take the day
Data from Cointelegraph Markets Pro and TradingView confirmed BTC's price action after rising above $67,000 at the daily close.
Still in a tight range, bulls continued to grind out liquidity in the near term order book.
According to figures from wealth tracker CoinGlass, the $35 million bid wall on Binance has been moved to its daily close, with most of the demand liquid now sitting between $67,000 and $67,500.
“A one-month view of the order book shows how volatile changes in liquidity positions can impact overall price action,” trading inputs Materials Indicators wrote in part in a post by X (formerly Twitter).
“The NET effect of Bitcoin blocks requires liquidity to go down, and some blocks' auction liquidity goes up, causing active trading volume to increase to $62k – $68k.”
The accompanying chart shows trading behavior between Bitcoin Well units.
The demand is in the $1-$10 million order category, which, unlike others, has increased exposure through April.
This adds to the findings from the Scientist company, a new analysis now shows that “FOMO” on wallets balances between 1,000 and 10,000 BTC ($66.7 million – $667 million).
“Bitcoin's key whale tier, which holds 1K-10K $BTC, is supporting this increase and has now accumulated 266K more $BTC since early 2024,” Santiment wrote in an X comment.
“This means a reserve of 1.24% of the total supply. The public is showing high levels of FOMO.”
The whale under investigation now owns more than a quarter of the BTC supply, leading to new highs.
BTC price action has seen “unsettled silence”.
A day earlier, meanwhile, trading firm QCP Capital suggested that crypto markets could enjoy the last bit of volatility before a seismic shift takes hold.
Related: Bitcoin Outperforms Tesla Shares for First Time Since 2019
In its “New York Color” market update sent to Telegram channel subscribers, QCP described what it called an “unsettling silence.”
“BTC is right in the middle of the 60/73k range and BTC front-end vols are close to 60%,” he wrote.
“Last week, the fourth BTC halved and the market was panicked by the (escalating) war in the Middle East.”
Analysts attributed the reset to bitcoin funding rates and interest in US-based bitcoin exchange-traded funds (ETFs) with a slow but steady return of interest.
“BlackRock continues to unwind from TradFi interest, albeit slowly, after posting 70 consecutive days of earnings,” the update concluded.
“Is this the calm before the storm?”
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.
