29.07.202123:10 Forex Analysis & Reviews: The other day, about 13,800 bitcoins were withdrawn from the Binance exchange: Whales do not sit on the sidelines and accumulate even more BTC on cold wallets

Exchange Rates 29.07.2021 analysis

Bitcoin continues to gain momentum, and it seems that nothing will stop the number one cryptocurrency from breaking the psychological barrier to overcome the resistance level of $41,700. If this level is overcome, then bitcoin may go into a long bullish movement.

The number one cryptocurrency is doing well after the backing of bitcoin by Elon Musk, Jack Dorsey and Katie Wood. Bitcoin has been bullish for about a week, with almost no drawdowns. In the outlook, a deep bullish trend may begin in the very near future.

About 13,800 bitcoins were withdrawn from Binance yesterday. In a statement, the giant exchange said that this is the largest bitcoin withdrawal from the exchange since April, when bitcoin was trading at $55,000-56,000.

When such large-scale bitcoin withdrawals occur, as a rule, it can mean that whales, as well as various speculators and even fly-by-night investors, begin to accumulate bitcoin. The sale of bitcoins ends, the panic is annihilated, and the process of hooting begins. Investors move bitcoin to their cold wallets for long-term storage.

Many analysts also expressed their opinion, complaining that such large-scale withdrawals of bitcoin from the exchange could happen due to the recent changes in the KYC rules, which were announced by the Binance exchange. It is worth noting that at the moment there is a massive outflow of bitcoins from some other crypto exchanges on the crypto market.

It is not surprising that large players in the market and whales with experience continue to accumulate bitcoin, but the good point is that both ordinary small speculators and novice investors who have just entered the crypto market no longer panic and do not sell bitcoin at the first opportunity, but also try to go to the melt. Investors want to move their savings to cold wallets or get special services for making a profit.

*La presente analisi del mercato ha un carattere esclusivamente informativo e non rappresenta una guida per l`effettuazione di una transazione.

Vitaly Kolesnikov,
Esperto analitico di InstaForex
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