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$30,000 bitcoin repels whales while attracting retailers

Bitcoin (BTC) price surge to $30,000 caused the big whales to reduce their buying volume. However, in this scenario, smaller investors show the opposite behavior at the same time.

Since digital currency trading is at $30,000, Investors with less than 10 bitcoins and those with 1,000 to 10,000 bitcoins increased their purchases. This is reflected in light blue, on the right the Explorer graphic glass knot shared by analyst James V. Straten.

Meanwhile, as shown in orange, the big whales (investors with more than 10,000 bitcoins) reduced their buy levels as the price rose. This comes after these players were in a strong accumulation phase for two months when the cryptocurrency was trading below $30,000.

Blue shows investors who are buying, while red shows investors who are not buying or selling their holdings. Source: Glassnode.

In this way it is once again clear how the big whales behave differently than the smaller investors. Previously, when the cryptocurrency was below $30,000, the prevailing trend among smaller holders was to sell or not to buy.

This data shows that The big whales tend to acquire Bitcoins intense when the price is low and hardly anyone wants it. Instead, smaller investors tend to buy in bulk when the price is rising like it is now.

Big whales make it difficult for bitcoin to keep going up

It should be noted that as the great whales reduced their propensity to buy, BTC price rise can be expected to stop or slow down. However, if many smaller investors continue to amplify their accumulation trend, they could spur a rally for the cryptocurrency.

Because when demand exceeds supply, the price goes up. Conversely, when supply exceeds demand, the price falls. It all depends on how much the market is willing to pay to acquire BTC.

Therefore, visualizing whether investors embrace an accumulation trend or vice versa can help anticipate possible price movements. Especially when behavior prevails among the majority of holders or whales that can cause price fluctuations due to the large amounts of coins they mobilize.

at present, There is no strong accumulation trend (blue) or selling or no buying (red). between most or oversized forks. As can be seen in intermediate colors on this scale, the intensities of these behaviors are at a milder level.

Therefore, in this situation, a possible strong price change for Bitcoin is not to be expected for the time being. Meanwhile, other analysis published in CriptoNoticias warns that the market does not seem ready for a rally and a drop to $20,000 is still possible.

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