Near the $10,570 and $11,288 marks lie large clusters of ‘unspent bitcoins’, held in wallets with balances above 10,000 BTC.
Hourly whale bubble resistances at $10570 and $11288. pic.twitter.com/8B5VErecbl
— whalemap (@whale_map) September 10, 2020
“Bubbles [on the chart] indicate places where unspent bitcoins have accumulated. The bigger the bubble, the more unspent coins it contains. By ‘unspent’ we mean bitcoins that have not moved since they were deposited into the wallet,” пояснили Whalemap analysts.
It can be assumed that the $10,570 and $11,288 levels in the near term will serve as resistance levels, capping price growth. As the price moves higher, whales may begin to take profits at these levels. They may also sell at the specified levels to break even if the price rise is followed by a sharp drop.
Trader Edward Morra identified on Coinbase a cluster of buy orders for ~2,500 BTC at around $10,000.
Coinbase added bids, from 10200 to 10000, there are ~2500 BTC in bids now 👀 pic.twitter.com/FQPKhrW3oO
— Edward Morra (@edwardmorra_btc) September 12, 2020
If support in the $10,000-$10,200 range holds, a retest of $10,570 is likely.
Some on-chain metrics point to a high probability of a bearish scenario for Bitcoin. According to Glassnode, the amount of miner fees paid on deposits to exchanges rose to end-2017 levels.
Currently, almost 10% of all #Bitcoin miner fees are spent on transactions that deposit $BTC to centralized exchanges.
This is a 2x increase since the beginning of the year, and levels we haven’t seen since late 2017.
Chart: https://t.co/AWgu8BYe1g pic.twitter.com/Qjfn4UTLcT
— glassnode (@glassnode) September 11, 2020
“Almost 10% of the total miner fees are spent on depositing BTC on centralized exchanges. This is a twofold rise since the beginning of the year. Levels not seen since the end of 2017,” explained Glassnode analysts.
Analyst Dmitry Gurkovsky does not rule out a continuation of the market correction ahead of the next leg higher.
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