empty
23.06.2023 10:45 AM
Whale transactions surge: A worrying sign for Bitcoin's upward trend

Over the past seven days, Bitcoin's market capitalization has increased by 25%, and trading volumes have reached unprecedented levels of $30 billion, the highest in months. The asset has reached an important level of $30,000 and is holding its position for further upward movement towards the resistance zone of $30,500 to $31,000.

This image is no longer relevant

After several days of active upward movement, the pace of Bitcoin's price advancement has slowed down. Despite this temporary pause, the cryptocurrency's bullish momentum has been accompanied by growing buying volumes, indicating high investor interest in BTC. However, certain signals are already emerging in the market that cast doubt on Bitcoin's further progress.

Fundamental Factors

Let's start, as always, with the fundamental factors that may negatively impact Bitcoin's bullish trend. The U.S. Securities and Exchange Commission (SEC) has become the main source of negative news for the cryptocurrency market. Yesterday, there was an SEC meeting, and rumors are spreading that the regulator will take action against the DeFi market and stablecoins.

The agency has not made any specific statements, but the circulation of such rumors is already affecting the crypto market activity negatively. Considering that Bitcoin has reached a local peak near $30,000 and is unable to move further, the question of trading volumes becomes particularly acute.

This image is no longer relevant

Santiment analysts note a surging "whale transactions" in the Bitcoin market. Thanks to the volumes from institutional investors, BTC has made a powerful bullish surge in recent days. However, experts are confident that this is a worrisome signal that calls into question further upward movement.

This image is no longer relevant

For the BTC price rally to continue, larger volumes than those already involved in the market are needed. The main suppliers of such large volumes are the "whales" who are already injecting liquidity into the market. As a result, a situation may arise where Bitcoin's upward movement stalls due to a lack of necessary volumes.

BTC/USD Analysis

As of 08:00 UTC, Bitcoin is trading at the $30,000 level, with trading volumes around $18 billion. The price of BTC reached a local high at $30,700, after which there was a significant increase in bearish volumes. As a result of the trading session on June 22, the asset formed an indecisive "doji" candle, which usually indicates a relative balance between sellers and buyers.

This image is no longer relevant

The decrease in trading volumes to $18 billion also indicates a decline in buying activity. Stochastic and RSI have confirmed the completion of a massive bullish movement. The second attempt to initiate a bullish surge was unsuccessful due to significant bearish volumes. Nevertheless, MACD continues to move in an upward direction within the green zone.

This image is no longer relevant

If the current trend continues, we can expect a further decline in trading activity and a local pullback in Bitcoin's quotes. The most likely target for this is the $29,100 level, where a local support zone is located. Subsequently, the asset may resume its upward movement towards key short-term levels of $30,500 to $31,000.

Conclusion

Bitcoin's bullish surge has allowed the asset to recover from the May decline and reach a local price high. It is likely that after a local pause, the cryptocurrency's upward movement will continue towards key levels of $35,000 to $36,000. Bitcoin bulls have a window of opportunity until the next Federal Reserve meeting, where the interest rate will be raised again, making medium-term targets above $35,000 remain relevant.

Seleccione el marco de tiempo
5
min
15
min
30
min
1
hora
4
horas
1
día
1
s.
Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO

Recommended Stories

Análisis del par BTC/USD. El 23 de mayo. Otro pump del bitcoin

El conteo de ondas del gráfico de 4 horas para el instrumento BTC/USD se ha complicado un poco. Hemos visto una estructura correctiva bajista que finalizó su formación cerca

Chin Zhao 11:26 2025-05-23 UTC+2

Recomendaciones para operar con el Bitcoin el 23 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento anómalo y extremadamente no técnico, sin una sola corrección o retroceso. En poco más de un mes, el «oro digital» se ha encarecido

Paolo Greco 07:20 2025-05-23 UTC+2

Recomendaciones para operar con el Bitcoin (BTC) el 21 de mayo según el sistema ICT.

El Bitcoin sigue subiendo de forma inusualmente no técnica y sin una sola corrección o retroceso. Recordemos que el Bitcoin ha subido más de $31 000 en poco

Paolo Greco 07:12 2025-05-21 UTC+2

Análisis del par BTC/USD. El 20 de mayo. Nada puede desviar al Bitcoin de su camino

El análisis de ondas del gráfico de 4 horas para el par BTC/USD se ha complicado en los últimos meses. Hemos visto una estructura correctiva descendente que finalizó cerca

Chin Zhao 07:36 2025-05-20 UTC+2

Recomendaciones para operar con el Bitcoin el 20 de mayo según el sistema ICT

El Bitcoin mantiene una dinámica poco técnica, aunque se observan los primeros indicios de corrección. Recordemos que el Bitcoin ha subido más de $31 000 en poco

Paolo Greco 07:35 2025-05-20 UTC+2

Recomendaciones para operar con el Bitcoin el 19 de mayo según el sistema ICT

El Bitcoin sigue realizando movimientos poco técnicos, pero empieza a mostrar los primeros signos de una corrección. Recordemos que el Bitcoin ha subido $31 000 en poco

Paolo Greco 07:26 2025-05-19 UTC+2

Recomendaciones para operar con Bitcoin el 16 de mayo según el sistema ICT

El Bitcoin ha subido $31 000 literalmente en un mes, sin tener razones de peso para ello y sin mostrar una sola corrección o retroceso. Incluso ahora, después

Paolo Greco 07:25 2025-05-16 UTC+2

Recomendaciones para operar con Ethereum (ETH) el 16 de mayo según el sistema ICT

Ethereum sigue estrictamente la trayectoria del Bitcoin. La "segunda criptomoneda" continúa su ascenso, que en la última semana se ha convertido en un vuelo propulsado. Sin embargo, esto

Paolo Greco 07:25 2025-05-16 UTC+2

Recomendaciones para operar con el Bitcoin el 15 de mayo según el sistema ICT

El Bitcoin continúa con un crecimiento muy fuerte y ni siquiera intenta corregirse. En el último mes, la primera criptomoneda ha subido 31 000 $, recuperando por completo la caída

Paolo Greco 07:31 2025-05-15 UTC+2

Análisis del par BTC/USD. El 14 de mayo. ¿El Bitcoin apunta a una nueva tendencia "alcista"?

El tipo de cambio del instrumento BTC/USD ha aumentado significativamente en las últimas semanas, la demanda crece prácticamente a diario

Chin Zhao 07:22 2025-05-14 UTC+2
¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.