{"id":563783,"date":"2023-12-04T16:00:49","date_gmt":"2023-12-04T16:00:49","guid":{"rendered":"https:\/\/wncen.com\/?p=563783"},"modified":"2024-06-11T09:58:42","modified_gmt":"2024-06-11T09:58:42","slug":"analyzing-the-titans-how-bitcoin-whales-influenced-the-surge-to-40000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyzing-the-titans-how-bitcoin-whales-influenced-the-surge-to-40000\/","title":{"rendered":"Analyzing The Titans: How Bitcoin Whales Influenced The Surge To $40,000"},"content":{"rendered":"

Bitcoin and the crypto market continue to smash critical resistance levels and hit new yearly highs. The cryptocurrency stands closer to the $50,000 area as 2023 ends, and two major bullish catalyzers stand on the horizon. <\/strong><\/p>\n

Related Reading: Bitcoin Triumphs Over $41,000, But Here\u2019s What Could Prevent $50,000<\/a><\/div>\n

As of this writing, Bitcoin (BTC) trades at $41,800 with a 6% profit in the last 24 hours. In the previous seven days, BTC recorded an impressive 13% rally as analysts and the crypto community celebrated the beginning of a new bull cycle.<\/p>\n

\"Bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/a><\/figcaption><\/figure>\n

Bitcoin Whales Behind $40,000 Rally, Are More Profits In Store?<\/h2>\n

Data provided<\/a> by Ki Young Ju, CEO of crypto analysis firm CryptoQuant, indicates that Bitcoin whales have supported the current price action since August. At that time, the cryptocurrency re-took the higher area at $20,000 and stood below the critical resistance at $30,000.<\/p>\n

As Bitcoin trended to the upside, whales took on \u201cgiga long positions\u201d potentially in preparation for the current rally. This risk-on behavior began more discretely when BTC touched $16,000.<\/p>\n

Young Ju tied the market activity to increased buying orders from US investors. On Coinbase, the price of Bitcoin \u201cskyrocketed\u201d in October 2023.<\/p>\n

Investors in the country have been buying more of the cryptocurrency in preparation for the spot BTC Exchange Traded Fund (ETF) approval and the Halving event. The latter of this event is the reduction of the rewards for mining BTC.<\/p>\n

Furthermore, the CryptoQuant CEO believes retail investors have yet to board the rally. As seen in the chart below, BTC\u2019s Realized Cap stood below 0.1, indicating \u201clow liquidity\u201d from retail investors in the crypto market.<\/p>\n

\"Bitcoin
BTC’s Realized Cap below 0.1 hints at retail investors’ low participation in the current PA. Source: CryptoQuant on X<\/figcaption><\/figure>\n

Game Is Not Over For BTC<\/h2>\n

Additional data provided by Material Indicators confirmed the increasing buying pressure from whales. Analyst Keith Alan claimed that this behavior occurs to attract liquidity to the market.<\/p>\n

Related Reading: Crypto Analyst Predicts Bitcoin 400% Surge To $200,000, Here\u2019s When<\/a><\/div>\n

Once liquidity, mostly from retail investors, enters the market, whales can \u201cdistribute\u201d their coins or \u201cdump\u201d on retail to take profit from their position. Via his X handle, the analyst stated<\/a> the following regarding BTC\u2019s potential to continue the uptrend:<\/p>\n

(\u2026) because we now have ~$86M in near range #BTC bid liquidity, I’m considering buying this pullback because it doesn’t appear the game is over yet.<\/p><\/blockquote>\n

Cover image from Unsplash,chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin and the crypto market continue to smash critical resistance levels and hit new yearly highs. The cryptocurrency stands closer to the $50,000 area as 2023 ends, and two major bullish catalyzers stand on the horizon. Related Reading: Bitcoin Triumphs Over $41,000, But Here\u2019s What Could Prevent $50,000 As of this writing, Bitcoin (BTC) trades at $41,800 with a 6% profit in the last 24 hours. In the previous seven days, BTC recorded an impressive 13% rally as analysts and the crypto community celebrated the beginning of a new bull cycle. Bitcoin Whales Behind $40,000 Rally, Are More Profits In Store? Data provided by Ki Young Ju, CEO of crypto analysis firm CryptoQuant, indicates that Bitcoin whales have supported the current price action since August. At that time, the cryptocurrency re-took the higher area at $20,000 and stood below the critical resistance at $30,000. As Bitcoin trended to the upside, whales took on \u201cgiga long positions\u201d potentially in preparation for the current rally. This risk-on behavior began more discretely when BTC touched $16,000. Young Ju tied the market activity to increased buying orders from US investors. On Coinbase, the price of Bitcoin \u201cskyrocketed\u201d in October 2023. Investors in the country have been buying more of the cryptocurrency in preparation for the spot BTC Exchange Traded Fund (ETF) approval and the Halving event. The latter of this event is the reduction of the rewards for mining BTC. Furthermore, the CryptoQuant CEO believes retail investors have yet to board the rally. As seen in the chart below, BTC\u2019s Realized Cap stood below 0.1, indicating \u201clow liquidity\u201d from retail investors in the crypto market. Game Is Not Over For BTC Additional data provided by Material Indicators confirmed the increasing buying pressure from whales. Analyst Keith Alan claimed that this behavior occurs to attract liquidity to the market. Related Reading: Crypto Analyst Predicts Bitcoin 400% Surge To $200,000, Here\u2019s When Once liquidity, mostly from retail investors, enters the market, whales can \u201cdistribute\u201d their coins or \u201cdump\u201d on retail to take profit from their position. Via his X handle, the analyst stated the following regarding BTC\u2019s potential to continue the uptrend: (\u2026) because we now have ~$86M in near range #BTC bid liquidity, I’m considering buying this pullback because it doesn’t appear the game is over yet. Cover image from Unsplash,chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":563785,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1119,86867,89713,78790],"class_list":["post-563783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btc-price-analysis","tag-btc-price-chart","tag-btcusdt"],"acf":[],"yoast_head":"\nAnalyzing The Titans: How Bitcoin Whales Influenced The Surge To $40,000<\/title>\n<meta name=\"description\" content=\"Bitcoin continues to smash critical resistance levels and hit new yearly highs. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyzing The Titans: How Bitcoin Whales Influenced The Surge To $40,000","url":"http:\/\/wncen.com\/news\/analyzing-the-titans-how-bitcoin-whales-influenced-the-surge-to-40000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/analyzing-the-titans-how-bitcoin-whales-influenced-the-surge-to-40000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C426"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btc","btc price analysis","btc price chart","btcusdt"],"dateCreated":"2023-12-04T16:00:49Z","datePublished":"2023-12-04T16:00:49Z","dateModified":"2024-06-11T09:58:42Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyzing The Titans: How Bitcoin Whales Influenced The Surge To $40,000\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyzing-the-titans-how-bitcoin-whales-influenced-the-surge-to-40000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyzing-the-titans-how-bitcoin-whales-influenced-the-surge-to-40000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/12\\\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C426\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btc\",\"btc price analysis\",\"btc price chart\",\"btcusdt\"],\"dateCreated\":\"2023-12-04T16:00:49Z\",\"datePublished\":\"2023-12-04T16:00:49Z\",\"dateModified\":\"2024-06-11T09:58:42Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/12\/Bitcoin-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C426","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563783"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=563783"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/563783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/563785"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=563783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=563783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=563783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}