'Can it get any easier?' Bitcoin whales dictate when to buy and sell BTC
Bitcoin (BTC) left both long and short traders behind in May and June, but data suggests trading it may be “easier” than many imagine.
According to on-chain analytics resource Whalemap, Bitcoin whales have all but dictated market performance in recent weeks.
In fresh analysis published on June 7, Whalemap researchers showed that BTC/USD local tops and bottoms have coincided with areas of heightened whale activity.
When Bitcoin’s largest wallet entities choose to buy or sell, price reacts accordingly. For those looking to reduce risk trading short timeframes, it may thus suffice to act according to where popular whale levels lie.
“Can it get easier than this?” Whalemap summarized in part of a Twitter post.
As Cointelegraph reported, some whales are of more interest than others. Over the past week, one such entity on Binance has been contributing to Bitcoin’s narrow trading range with a series of buys and sells.
“This binance whale has marked every local top/bottom for the last two weeks,” popular analyst Credible Crypto added in new Twitter comments on June 8.
That “pump,” just like that from earlier in the week, has been short lived, with BTC/USD plateauing then reversing, losing practically all the gains from its initial uptrend, data from Cointelegraph Markets Pro and TradingView shows.
Zooming out beyond internal factors, meanwhile, optimism remains thin for inflationary macro conditions favoring crypto strength going forward.
Related: BTC price snaps its longest losing streak in history — 5 things to know in Bitcoin this week
While whales keep prices rangebound, Bitcoin's correlation to stock markets is also frustrating traders.
The correlation with the stock markets is annoying.
Stocks themselves are further unlikely to feel
Read more on cointelegraph.com
