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With the decrease in volatility in the cryptocurrency market, Bitcoin is facing a significant resistance level of $31,000. Market participants are holding their breath for a potential breakout, while interesting developments involving Bitcoin whales have fueled speculative excitement.
Movement in Bitcoin Whales!
JA Maartunn, the community manager of crypto analytics firm Cryptoquant, set the stage for expectations with a tweet early Sunday. Maartunn’s message highlighted a noticeable increase in activity among Bitcoin whales, especially those on the BitMEX crypto exchange. In his comments, the expert stated:
BitMEX whales have joined the party. Last night, I received 3 notifications of very large new long positions. Something is brewing beneath the surface.
The expert’s observation echoed his previous notable observation on Saturday, highlighting significant long positions on another prominent exchange, Deribit. These observations may indicate an expectation atmosphere where large players position themselves strategically in response to market dynamics.
Historical Data on BTC!
In addition, leading cryptocurrency analyst Ali Martinez weighed in on the idea of recent market movements. In his tweet on Saturday, Martinez emphasized the historical relationship between sudden increases in buying volume on BitMEX and subsequent price movements of Bitcoin. According to the analyst, the recent increase in the buy-sell ratio on BitMEX increases the likelihood of the ongoing Bitcoin bull market continuing. Ali Martinez stated:
You rarely see large increases in buying volume on BitMEX. But when you do, BTC tends to make significant gains. In May 2020, the buyer buy-sell ratio rose to 192, resulting in a 567% price increase. And in January 2023, the buyer buy-sell ratio rose to 140, resulting in an 88% price increase. Note that the buyer buy-sell ratio on BitMEX has recently risen to 194. If history repeats itself, we may be preparing for the continuation of the BTC bull market.
