CandleFocus Bitcoin Whales ‘Grew Substantially’ During Last Dip, Data Shows Large-Holder Accumulation
2024-10-20
Author: Content Editor
Bitcoin's price reached nearly $69,000, setting a new local high and generating optimism among analysts and investors who anticipate further gains in the coming weeks. The increase in the number of Bitcoin whales, large holders of BTC, suggests that smart money is positioning themselves for a major move. Whale accumulation is seen as a bullish indicator, potentially weakening the historical resistance level of $70,000. However, analysts caution that a healthy retrace may be on the horizon, and the 200-day moving average at $63,322 is a key level to watch for potential support. The next few weeks will be crucial in determining Bitcoin's long-term outlook.
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