Bitcoin Whales Ready To Push Price Above $40,000? Data Throws Clues

The Bitcoin price has been steadily moving around its current range as 2023 comes to an end. Recent data cast light on the current market structure and what could trigger an extension in the bullish momentum. Related Reading: Rare Signal Predicts Next XRP Price Move: Crypto Analyst As of this writing, Bitcoin (BTC) trades at $37,900 with a 1% loss in the last 24 hours. Over the previous week, the cryptocurrency has traded in the green as other assets recorded small losses, except for Solana (SOL) and Dogecoin (DOGE). Big Day For The Bitcoin Price: What Whales Are Planning Data shared by crypto analytics platform Material Indicators shows the current state of the orderbook for trading venue Binance. The world’s largest crypto, looking into this orderbook often reveals patterns and clues to anticipate the price action. Today, Bitcoin faces two potentially high volatility events: whales will fight over the monthly candle close, and the US will reveal macroeconomic data. Thus, the cryptocurrency could finally break above its current levels or re-test support. The data from Material Indicators, as seen on the chart below, shows a spike in buying orders from Bitcoin whales and “mega” whales (Purple and Brown on the chart, respectively). This buying pressure is unlikely to translate into a rally as these investors prioritize market efficiency. Thus, they place small orders on exchanges to reduce slippage, leading the price to range. The good news is that this behavior is often positive for the BTC price by attracting, according to Material Indicators, “bid (buy) liquidity.“ Once there is enough liquidity in the order book, whales can sell their positions and avoid downside slippage. The firm stated: The more they attract, the more they can dump while minimizing slippage. Over the past 7 Days, Purple Whales have Market Bought ~$16M of #BTC and in 4 hours distributed ~$42M to the bidders they lured into the range. Regardless of whether you are bullish or bearish, there are #trading opportunities ahead, as this game appears to be on extended play mode. Related Reading: Crypto Analyst Who Sold The Bitcoin Top Reveals How To Buy And Sell At The Perfect Time In that sense, traders should expect further sideways price action as whales and mega whales take over the market. In the meantime, $40,000 and $35,000 are two critical areas that could hint at a change in the current market dynamic. Cover image from Unsplash, chart from Tradingview