Bitcoin (BTC), which left short and long traders behind in May, and June respectively, data suggests that trading Bitcoin may be easier than many think.
Whalemap, an on-chain analytics resource Whalemap claims that Bitcoin whales have almost dominated market performance in recent weeks.
Whales help to pin Bitcoin at $30,000
Whalemap researchers published a fresh analysis on June 7 that showed that BTC/USD tops and bottoms coincide with areas of increased whale activity.
The price responds to the decision of Bitcoin’s largest wallet entities to buy or trade. If you are looking to minimize risk trading in short timeframes, you may be able to do so by following the popular whale levels.
Whalemap summarized as part of a tweet.
Annotated chart of Bitcoin whale wallet inflows Source: Whalemap/Twitter
Cointelegraph reported that some whales are more interesting than others. One such entity, Binance, has contributed to Bitcoin’s narrow trading range over the past week with a series buys and sales.
Credible Crypto, a popular analyst, added that “this binance whale marked every local top/bottom over the past two weeks,” in new comments to Twitter on June 8.
“I have been watching him go and come. Capsulating at the lowest, and accumulating at the highest. Last time filled 2,000 BTC (60,000,000) at the local lows of 29.2k. This pump is what we see now.
The “pump” that was seen earlier in the week was short-lived. BTC/USD has stalled and then reversed, losing almost all of its gains from the initial uptrend, according to data from TradingView and Cointelegraph Markets Pro.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
BTC keeps under pressure by “annoying” stocks correlation
Looking beyond internal factors, however, optimism is still low for inflationary macro conditions that favor crypto strength in the future.
Related: BTC price snaps longest losing streak in its history — 5 things you should know about Bitcoin this week
Whales help keep prices stable, but Bitcoin’s relationship to stock markets frustrates traders.
It is irritating that there is a correlation between stock markets and the stock market.
— Michael van de Poppe (@CryptoMichNL) June 7, 2022
As monetary tightening continues to accelerate, Bob Loukas, a commentator on June 7, said that stocks are unlikely to experience relief in the near term.
“I don’t yet see a macro catalyst for bottom in equities. He stated that he believes in a cyclical bearish market, but it will take more time.
“Price action confirms that the cycle price will fall into the summer months. I was underweight for a while and am happy to prove my mistake. Wont fomo a ripping rally.”com. You should do your research before making any investment or trading decision.