The bulls of the crypto markets are raging once again. Flagship cryptocurrency, Bitcoin, has once again taken over the lead in the market. The price of the pioneer cryptocurrency has breached the $56K mark for the first time in several months. This new bullish streak has left behind all the speculations and expectations of the bears in the crypto markets.
The main cause of this new uptrend is the action of the whales. The whale investors have been busy purchasing Bitcoin and inflating their reserves for the time being. According to TradingView, since the beginning of the month, the digital wallet addresses holding 100 to 1000 BTC units have acquired more than 20,000 new BTC units since the start of October.
Whales are Active
The biggest cause of the price appreciation for Bitcoin is the shopping spree started by the whales. Santiment is a crypto analytics service provider that keeps an eye on market behavior. The latest report from the service asserts that whales have invested $40 million into Bitcoin thus far to build up the short positions liquidations.
This act has allowed Bitcoin to gain 2,400 points in the last 24 hours. Currently, the price of the flagship currency is trending at $56K per unit. At the current level, the flagship crypto is only 13% away from its last highest peak namely $64,800. It is also worth noting that the around 20K Bitcoin units have been moved from several crypto exchanges and private wallet addresses during the same period.
During April this year, the flagship cryptocurrency made history by becoming the first cryptocurrency to acquire a price point of $64,800 per BTC. However, investors have been cautious and claimed that Bitcoin will not be able to get out of a bear cycle before next year. The IOMAP model report suggests that if Bitcoin manages to stay above the $54,900 to deviate from the possibility of going into a price falter.
To get to the next resistance level, the flagship cryptocurrency must print a daily candlestick closer to $57,900 as per IOMAP or in/Out of the money around price index by IntotheBlock. The same analytics service also revealed that there are few signs of any obstacles for Bitcoin from getting to its former closest ATH. Thus far, more than 1.12 million investors have purchased 417K Bitcoin at an average price of $57,900. If the investors choose to sell their positions to recover losses, Bitcoin can fall back to $50K.