- In the last few days, the crypto markets have not shown significant movement, and the prominent crypto, Bitcoin, has stabilized around $37,000.
- In addition, as the markets are about to complete the final trading phase of the year, investors expect some iconic trading during the monthly closing.
- Bears currently seem to dominate the trading, suggesting a continued downtrend.
As Bitcoin’s price has stabilized in the last week of November, the question arises about how whales will act: Accumulation may have started!
Bitcoin Price Stalls in Recent Days
In the last few days, the crypto markets have not shown significant movement, and the prominent crypto, Bitcoin, has stabilized around $37,000. Although it seems that bulls are in control, the trend does not seem to be under their influence.
In addition, as the markets are about to complete the final trading phase of the year, investors expect some iconic trading during the monthly closing. However, a quiet market is expected, as a significant wave could hit the BTC price very soon.
The recent price drop forced BTC’s price to trade around the intersection. Bears are surviving in this area and frequently exerting their power. The current price movement indicates that a bullish closing could occur after a decline, but the price range may not change.
Bears currently seem to dominate the trading, suggesting a continued downtrend. It is likely that the BTC price will fall to test the immediate support level around $36,600 just before the monthly closing. Additionally, it is anticipated that the price may initiate a rebound at the same levels, allowing for a monthly closing.
Whales continue to accumulate
Since the beginning of the year, Bitcoin has shown significant strength and recorded an increase of over 125%. A jump of $20,000 indicates that the possibility of closing the annual trading on a bullish note is closer. Now, during a period when prices have stabilized in a narrow range for a while, whales have become active and consistently accumulating BTC.
One of the whales in the top 20 has been consistently accumulating BTC. The latest drop on November 21 forced the whale to unload 2,500 BTC in almost 1,200 BTC and 1,300 BTC transactions. Since then, the whale seems to be accumulating BTC in small amounts. This indicates that the movement supports the price staying above the critical support level.
Collectively, it is expected that Bitcoin (BTC) will maintain a healthy rise, regardless of the current price movement, and surpass the $38,000 hurdle in early December.
