Bitcoin’s price has been fairly steady over the last few days, with its recent reluctance to lift $28,500 setting off a short-term consolidation period.
Where crypto trends in the medium term can depend to a large extent on whether or not bulls will invalidate these highs as a possible “blow-off top”
There has been speculation that the pace of the rally and the rejection have confirmed the bear-favoring.
Pattern, but BTC’s resilience has been a positive sign since then.
One on-chain analyst now states that where the next market developments will inevitably depend, at least in part, on the exodus of so-called “bear whales”
He notices that these large sellers are running out of steam, which may mean that the crypto benchmark is imminent.
Bitcoin has been consolidating since it hit a high of $28,500. The intensity seen at these peaks caused the cryptocurrency to lose some significant momentum and lower drift.
Despite its recent downturn, bulls have been building strong support within the $26,000 range, which is a positive sign of its mid-term outlook.
For even more mid-term upside, the exodus of these vendors might open the door.
Bitcoin Gains Support Following Formation of Potential “Blow-Off Top”
At the time of writing, Bitcoin is trading at just under 4 percent at its current price of $27,200. This represents a remarkable rally from its recent lows of $26,000 set to $28,500 after the transfer.
This was close to a blow-off top, but the rebound from these lows is a positive indication that this trend might be invalid.
Bulls must continue to protect the mid-$26,000 area in the days ahead.
On-Chain Analyst: Whales are Running Out of Selling Pressure
“BTC whales seem exhausted to sell. Fewer whales are depositing to exchanges. I think this bull-run will continue as institutional investors keep buying and Exchange Whale Ratio keeps below 85%.”
Image Courtesy of Ki Young Ju. Source: BTCUSD on TradingView.
The coming few days should shed some light on where the entire market is trending in the mid-term. The exodus of bearish whales does seem like a positive event, as it may alleviate some sell-side pressure that the crypto faces.
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