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15.07.202121:40 Forex Analysis & Reviews: Big market players and long-time holders buy up all Bitcoin from small players: Bitcoin stocks on exchanges are running out

Exchange Rates 15.07.2021 analysis

Long-term holders and big market players continue to buy bitcoin from small players in the market, those speculators who continue to sell bitcoin in a panic, having stopped believing that it will grow and will not fall further.

The total amount of BTC held by humpback whales has reached a historical high, the last time such a peak of sales was observed was back in December 2020, when bitcoin was bought and sold at a price of $20,000.

Michael van de Poppe, a well-known cryptanalyst from the Netherlands, writes that a critically strong support level at the moment does not allow bitcoin to break out of the $30,000 and $33,000 zone, and the supply of bitcoins on crypto exchanges has now reached record peaks.

According to analysts' forecasts, the remnants of ethereum and bitcoin on various world crypto exchanges are being reduced and there are fewer of them. Big players are increasingly buying up bitcoin, thereby keeping the entire crypto market in their tight grip.

The amount of bitcoin that customers have recently withdrawn from crypto exchanges is equal to what they last observed in 2018, namely in November-December.

The index of bitcoin storage by short-term holders has decreased as much as possible and continues to fall further, while the index of bitcoin storage by long-term holders continues to increase, and there are more and more whales who buy cryptocurrency for long-term storage from all market players.

This may mean that bitcoin will not soon break through the support level of $30,000-$33,000. While the big whales will buy up all the remaining digital tokens of the world's crypto exchanges, fewer and fewer new investors will want to enter the crypto market and start buying bitcoin.

*Analiza tržišta koja se ovde nalazi namenjena je boljem razumevanju tržišta i ne pruža instrukcije za vršenje trgovanja.

Vitaly Kolesnikov,
Analytical expert of InstaForex
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