Bitcoin whales are piling up while Bitfinex's long calls climbed

The central theses

• more than 3,200 Bitcoin long positions were occupied last week.
• In the meantime, whales have added 60,000 Bitcoin to their stocks in the same period.
• A daily closure over $ 49,650 could initiate the next stage for the top crypto asset.

Investors seem to get back into the market, as the long positions in Bitcoin are climbing while whales add token. Although the recent increase in buying pressure looks encouraging, BTC still has a crucial obstacle to overcome.

Bitcoin purchase orders are executed

whales have drawn their attention back to Bitcoin.

The Flash-Crash of September 7 has the market participants in the fear . Now some of the most renowned technical analysts in the crypto industry claim that the rejection of Bitcoin of 53,000 USD could lead to catastrophic prospects.

For example, the analyst believes that under the pseudonym Dave the Wave operates that the flagship cryptocurrency drops in the direction of 30,000 Dollar. They stated that the recent downward pressure could accelerate to a clearer downward trend, since the convergence divergence of the sliding average or macd is a Bärisches Kreuz on the sound of BTC.

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Despite the Bärische Worst-Case scenarios, several fundamental factors indicate that some investors have used the drop in prices to buy Bitcoin with one discount.

The number of Bitcoin Long positions at the Bitfinex cryptocurrency exchange based in Hong Kong has reached a higher high for the first time since July 22. In the past week alone, more than 3,200 long positions were created, which indicates that some dealers bought the DIP.

In a similar way, the behavioral analysis platform Santiment shows that whales are accumulating.

Addresses with 10,000 to 100,000 BTC bought over 60,000 BTC worth around $ 2.82 billion in the same period. This considerable number of tokens was also removed from known cryptocurrency exchanges, which reduced the sales pressure behind Bitcoin.

While buying orders are piling up, this shows a large offer barrier in front of Bitcoin in/out-of-the-money-around-show model (iOMAP). Around two million addresses previously bought almost 900,000 BTC between $ 46,900 and $ 49,650.

Only a daily candlestick that closes above this resistance wall would signal the resumption of the upward trend.

BTC-in/Out of the money for the price

On the other hand, Bitcoin has to stay above the support zone of $ 46,800 in order to avoid further losses. Cutting this important area of ​​interest can encourage investors to sell their BTC to prevent their investments from "going out of money". In this case, a downturn could result in $ 38,000.