Bitcoin (BTC) whale clusters indicate that the price could be in a short-term trend reversal after BTC’s recovery beyond $10,700. In the past two days, BTC price rose by nearly 6% from $10,135 to $10,755 across major exchanges.
Whale clusters form when large investors accumulate Bitcoin and do not spend or move their holdings for significant periods of time. This typically indicates that whales expect BTC price to increase in the near term.
The hourly map of Bitcoin whale clusters. Source: Whalemap
Whalemap, an on-chain analysis firm that tracks whale activity, identified $10,407, $10,570, and $10,667 as whale clusters. In the short term, the three levels are likely to serve as potential support areas if BTC remains above $10,700.
Bitcoin market sentiment is turning optimistic
According to the analysts at Whalemap, Bitcoin can remain in a bullish trend as long as it defends…