Connect with us
Active Currencies 14724
Market Cap $2,613,512,705,067.45
Bitcoin Share 51.37%
24h Market Cap Change $1.56

Will Bitcoin whales be of service in the quest to reclaim $25K

2min Read

Share this article

Bitcoin [BTC] led the way as almost all of the top fifty cryptocurrencies prices plunged to reds. After maintaining its price above $23,000 from 18 August, BTC fell below $22,000. At press time, the coin was 7.30% down from the last 24 hours and trading at $21,750.63.

As this event might have driven investors into losses, some would hope that a recovery is around the corner. So is there a chance that BTC can regain its momentum to $25,000?

Pay attention here

CryptoQuant noted that BTC entered an overvalued region this week. In its latest release, the data analysis crypto platform said that the crypto king went into the territory when it was between the $23,000 and $24,000 region. But what does this mean in the short term?

According to the analysis, this occurrence might mean $25,000 could be where BTC holds resistance. The outcome of this analysis is in contrast with an earlier one made by a CryptoQuant analyst named Chartoday who predicted an upward trend. For this price projection, CryptoQuant pointed out some factors.

Whales in control

The analysis observed that there has been increased whale activity as BTC edged closer to $25,000 earlier. The analysis said,

“Following the price, the whale and long-term holder on-chain activity rose as the bitcoin price approached $25K. As a result, whale activity increased significantly, as seen by the volume of spent outputs of 1k-10k bitcoin spiking this week.”

While confirming the viewpoint, Santiment data showed that the whale transaction count with a value of $1 million and above spiked over the last few days.

While it went as low as 101 on 18 August, it surged on the same day to 258. Also, these activities have sustained the BTC volume which remained at 17.66% at press time.

Source: Santiment

With BTC currently trading at a lower level than earlier expected, the case would be if the whales could drive BTC back up.

It may, however, seem that the whale action was not enough to help the BTC price stay up. Also, the current price decrease could be due to some factors.

One that caught attention was the diminishing On-Balance-Volume (OBV). At press time, the OBV indicated that the volume change was nearing more of a bearish outcome. At press time, it was 1.03 million from 1.23 million it was on 18 August.

Source: TradingView

As it stands, it may seem that BTC would likely take a bit of time to get back to $25,000. However, investors may need to watch the volatility levels as there could be a reversal at any point.


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.