This week, when bitcoin fell by $18,000, whales bought up all the coins thrown on the market
Also on the graph appeared the potential for another bullish impulse. In the near future, the cryptocurrency may break through above 58,000 dollars. Of course, this is not the new ATH, but after falling to 47,000 dollars it's not bad.
April was difficult for cryptocurrency owners. At the beginning of the month there was a bullish mood and a record high, and then the market had a strong turbulence. As a result, the cryptocurrency lost in value. April closed with a 2 percent loss.
Despite such swings, April was successful for bitcoin whales. At the sharp decline in the price of cryptocurrencies, many bought up bitcoins thrown into the market by weak hands. This can be traced back to CryptoQuant.
In April, there were several large transfers of bitcoins that were not related to the exchanges. These are institutional investors from the United States actively buying cryptocurrency through over-the-counter transactions.
Some hold bitcoins. Others top up accounts on the derivatives exchange, opening long positions. Bitcoins are used as collateral.
Separately, analysts mention the NVT Gold Cross indicator. It was low in April (below -2). This indicates the dominance of the volume of transactions over the market capitalization. Also, NVT -2 speaks about the huge potential to increase the price of bitcoin.
Despite such confidence on the part of large investors, retail traders are in no hurry to buy bitcoins. According to Santiment, the mood in the community is more negative, and many have little faith that bitcoin will exceed 58,000 dollars.
However, as we know from the same source, the mood of retail investors is not always justified. So the bullish momentum of bitcoin is not yet complete.
You can find out the current price of bitcoin on the Poloniex exchange.
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