Bitcoin needs to clear $51,000 to reduce the chance of a new BTC whale sell-off


Bitcoin (Bitcoin) Due to a large number of transactions returning to the exchange, whales have once again become the focus of attention this week.

data Data from the on-chain analysis platform CryptoQuant on December 24 shows that, relatively speaking, the whale is increasing its influence as a potential seller.

Action station when Bitcoin climbs to $51,000

According to CryptoQuant’s exchange whale ratio indicator, the proportion of large capital inflows from exchanges to total capital inflows is currently at a one-year high.

As BTC/USD rose to $51,000 overnight on Thursday, the inflow increased significantly, which means that large investors may plan to profit at the high end of Bitcoin’s current range.

“It’s best to stay vigilant before BTC breaks through $51,000,” a CryptoQuant analyst warned.

“Once we exceed this level, the next major resistance will be around $56,800.”

Exchange Whale Ratio vs. BTC/USD annotated chart. Source: CryptoQuant

although doubt, Bitcoin managed to maintain its high level until Friday, which previously formed a key Sand middle line The bullish sentiment has returned.

Do you mind the influx?

At the same time, whales are not new potential sellers. As Cointelegraph Report Earlier this month, larger investors differed from smaller retail investors in their buying behavior.

CryptoQuant and others have confirmed that this is still the case. On the contrary, exchange withdrawals reflect a “peak accumulation” similar to the previous September breakthrough to the all-time high of $69,000.

related: Missed the hot crypto stocks of 2021?The data shows that you only need to buy Bitcoin and Ethereum

Miners too insist Their reserves of newly issued tokens from large subsidies are now at a six-month high.

“Compared with when BTC was US$69,000, miners own more BTC. In fact, they added back all the BTC that they had allocated since the fall of US$69,000,” the author Venture Founder famous.

Bitcoin miner reserves and BTC/USD annotated chart. Source: CryptoQuant