Bitcoin whale groups (BTC) indicate that the price may be on a short-term reversal trend after BTC spiked over $ 10,700. Over the past two days, the price of BTC has increased nearly 6%, from $ 10,135 to $ 10,755 on the larger exchanges.

Whale groups are formed when large investors pool bitcoins and do not use or transfer their assets for long periods. This usually indicates that whales are expecting a rise in the price of BTC in the near future.

Whalemap, an analysis company that tracks whale activity, identified $ 10,407, $ 10,570, and $ 10,667 as whale groups. In the short term, these three levels are likely to act as potential support areas if BTC remains above $ 10,700.

Bitcoin market sentiment has become optimistic
According to analysts at Whalemap, Bitcoin may remain in an uptrend as long as it heals $ 10,407.

Analysts confirmed that this trend indicates that the bulls have won, as market sentiment improves after the recent rally. They explained:

“It looks like the bulls have won. Many props are lower at $ 10,407 and $ 10,570, and support for the volume profile is $ 10,500. You should be at least $ 10,407 to remain optimistic.”

As reported by Cointelegraph, the interesting anomaly in Bitcoin’s recent rally is that it has decoupled from gold. While gold is down slightly by 0.32% in the past 24 hours, BTC is up above $ 10,700.

Chain analyst Willie Wu said the split shows Bitcoin’s momentum is picking up. He said:

“Bitcoin will soon decouple from traditional markets, but this will be driven by an S-shaped internal adoption curve (think startup growth), not a change in the perception of traditional investors as a hedge tool.”

In addition to the many technical factors supporting bitcoin’s upward trend, current fundamentals predict a positive outlook in the short term.

Earlier this week, data from Glassnode showed that the number of small Bitcoin addresses fell in September. Despite this, Glassnode’s analysts note that the data does not or fundamentally affect the network. They explained:

“The recent decrease in the number of #Bitcoin addresses containing ≥ $ 1 BTC is not a concern and has nothing to do with the fundamentals of the network. It was just an exchange that made the family and merge many small UTXOs from different addresses into one.”

What are the traders waiting for next?
Cryptocurrency trader Edward Moura believes the market should rise above $ 10,830 to confirm the continuation of the rally.

If BTC rejects $ 10,830 and returns below $ 10,500, the range of $ 9,800 to $ 10,830 could cause BTC to stagnate for an extended period of time. Mora Sa:

Under daily resistance, on daily support = market order. The price is currently down to $ 10,830. If we go higher, you can expect a new test of the daily resistance of $ 11,200. You are not interested in shopping for the miner combination – wait for expansion. Support = 9800 – $ 10,100. “

Source: CoinTelegraph

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