According to the Bitcoin whale clusters, Bitcoin has attained a substantial support area in the $10, 407 level, which suggests a renewal of the bullish trend.
The support is, however, likely to just in the short term. The past two days have indicated an increase in the price of Bitcoin by 6% as it rose from $10, 135 to $10, 755.
Whale clusters are a group of investors who hold Bitcoin for prolonged periods without spending or moving them. They hold it in the hope that the price will increase.
Whalemap, a firm that monitors whale activity, identified three clusters, $10, 407, $10, 570, and $10,667. The three whale clusters are very strategic in offering support levels if BTC remains above $10,700.
Bitcoin market trend
The market is generally in an optimistic phase. According to Whalemap, Bitcoin will remain bullish if it can continue defending at $10,407.
That suggests that the bulls are successful from saving the market from an upsurge.
The current Bitcoin trend has made it to go parallel from gold. While the price of gold dropped by 0.32%, the cost of Bitcoin increased to over $10,700.
According to Willy Woo, an on-chain analyst, Bitcoin has not only decoupled from god but will decouple from the traditional markets too. Bitcoin does not rely on changes in perception as a hedging instrument but has been strengthened by its internal adoption s-curve.
September has specifically been a good month for Bitcoin. According to Glassnode, the number of bitcoin addresses plunged incredibly in September. Most of the addresses are accounts holding less than a bitcoin. Ironically, the number of addresses holding more than one bitcoin dropped, but that has no impact on the network fundamentals.
Edward Morra, a cryptocurrency trader, believes that the price of bitcoin has to o above $10,830 for it to attain a bullish stand. If it rejects at that level and drops back to below $10,500, then it is likely to take a long time before it peaks again.
When the price goes above $10, 830, then it is going to be bearish, which may help it grow further. Many traders are anticipating an upsurge of bitcoin and thus have turned to holding as they monitor the market. With the increased adoption of Bitcoin from the set of the pandemic, there are high hopes that Bitcoin is set for greater heights.