Bitcoin whales are investing less crypto in BTC on crypto exchanges. This is according to an analysis by CryptoQuant CEO, Ki Young Ju, suggesting that a decrease in Bitcoin whales’ deposits could be a sign of seller fatigue. Ju also pointed out that institutional investors are constantly buying Bitcoin from crypto exchanges.

 

Ju’s exact statement can be scrutinized below, with a chart showing a reduction in CryptoQuant’s Bitcoin whales’ BTC deposits.

BTC seems exhausted to sell whales. Less whales come to the stock market. I think this bull run will continue as institutional investors continue to buy and the Stock Market Whale Rate remains below 85%.

Bitcoin Whales Are Making Fewer Deposits of BTC to Crypto Exchanges 17
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Bitcoin hits an all-time high of $ 28,445, is the target $ 30K?

At the time of writing, btc was trading in the $ 27,300 price area, similar to the consolidation aimed at breaking the recently set all-time high of $ 28,445. The second value was set yesterday, December 27th, and may herald Bitcoin trying the $ 30,000 price cap.

Such a scenario has been investigated by the Crypterium analytics team, which estimates that $ 30,000 will likely be violated based on the expectations of traders and analysts as described below.

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It is difficult to say where Bitcoin will go next, but the range of $ 28,000 to $ 28,500 can be noted. If the chart can gain a foothold at this level, we will see a breakthrough towards $ 30,000. And this is where the greatest resistance will be. Many analysts and traders predicted that the growth would reach exactly this mark, so this is where the next big fixes will happen.

Bitcoin’s monthly and annual closing may bring volatility

Also worth mentioning is that December ends on Thursday, December 31, 2020. This means that traders and investors will observe Bitcoin’s monthly and annual closing candles. As Bitcoin bulls try to close both the year and the month on a high note, such an event is likely to emerge volatility in the markets. At the same time, Bitcoin bears will likely try to break through in gains since $ 20,000.

For this reason, Bitcoin traders and investors are advised to act cautiously by reducing leverage on open positions and using stop losses as the week progresses.

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