Are you curious about Bitcoin, cryptocurrency, or blockchain? Finding the best cryptocurrency websites can be challenging, like searching for a needle in a haystack. Luckily, I’ve done the hard work for you! After extensive research, I’ve curated a collection of the finest crypto links that are dedicated to expanding your knowledge of Bitcoin and cryptocurrencies. Many of these websites I’ve personally used. Keep checking back, as this list continues to grow over time. Don’t forget to bookmark it for future reference, Cryptounit!

Ethereum

Ethereum

$2,311.43

ETH 0.82%

Bitcoin

Bitcoin

$42,777.18

BTC 0.16%

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$67.75

LTC 1.05%

ETH/USD:

[exchange-rates_badge amount="1" base_currency="ETH" flag_type="none" decimals="2" id="1690700525" currency_list="USD"]

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[exchange-rates_badge amount="1" base_currency="BTC" flag_type="none" decimals="2" id="1690700525" currency_list="USD"]

LTC/USD:

[exchange-rates_badge amount="1" base_currency="BTC" flag_type="none" decimals="2" id="1690700525" currency_list="USD"]

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By crypto worshipper
Cryptocurrency Forensics 🚀🌑

Why is Bitcoin price up today?[2023-11-29]

Bitcoin (BTC) Large Transactions vs. Price | Source: IntoTheBlock

Bitcoin price slid below the $37,000 mark on November 27 as the bulls struggled to stave off the bearish headwinds. Conversations surrounding Spot Bitcoin ETF approval have continued to dominate media headlines.

However, a closer inquest into the underlying on-chain data trends shows that corporate entities and high net-worth investors have bought lesser amount of Bitcoin in the last two weeks.

According to the IntoTheBlock chart below, the Bitcoin network recorded a total of 23,400 Large Transactions when the market rally kickstarted on October 24. And on Nov 9, BTC reached 22,570 Large Transactions which remains the highest for the month.

But worryingly, level of corporate (whale) demand for Bitcoin has headed downhill since then. The latest reading at press time shows 12,110 BTC was recorded on November 26 2023.

This is a staggering 46% decline from the monthly peak recorded on Nov 9.

Bitcoin Infograph – An insight on past events and what lies ahead

Why is Bitcoin price up today?

In crypto terminology, Large Transactions, alternatively called Whale Transactions, is a financial metric that tracks the trading activity of corporate entities and high net-worth investors on a blockchain network. Essentially, it tracks the number transactions that exceed $100,000 within a trading day.

The 46% drop in Large transactions over the past two weeks, could be significant bearish catalyst for BTC price correction.

Firstly, when whale investors are buying less BTC for a prolonged period, it could spook strategic retail traders into taking bearish positions as well.

More importantly, the Large Transaction provide much-needed market liquidity. With the ongoing decline in corporate entities trading, BTC daily swing traders could struggle to execute trades at favorable prices in the week ahead.

Bitcoin Miners are Currently in Sell-Off Mode, $1.1 Billion Offloaded in Two Weeks

The BTC Miners’ Reserves metric is another vital on-chain chart that could impact Bitcoin price action negatively in the days ahead.

As seen below, the total Bitcoin Miners’ held a total of 1.95 million BTC in their cumulative reserves as of Nov 9. But interestingly, they have made a dramatic turn around, selling off 30,00 BTC to bring the balance to 1.92 million BTC at press time on November 26.

Bitcoin (BTC) Miners’ Reserves | Source: IntoTheBlock

The Miners Reserves chart provides a periodic snapshot of the Bitcoin node validators’ recent trading activity. It essentially tracks the real-time changes in the total coins deposited in wallets controlled by recognized mining companies and mining pools.

Bitcoin miners are currently issued rewards of 6.25 BTC for each block validated. When they accumulate those rewards, the Miner Reserves chart shows an uptick. But when they start selling, it start to decline, as observed above.

The Bitcoin Miners’ Reserves chart clearly shows the miners have rapidly sold 30,000 BTC between Nov 9 and November 27. When valued at the current price of $36,800, the coins sold are worth approximately $30 million.

What is Bitcoin?

Hence it appears the bullish trading activity among the miners has been a major driver behind the Bitcoin price leg-up at the weekend.

If other strategic investors and crypto whales mirror the miners’ bearish outlook, BTC price could struggle to sustain an upward trajectory in coming weeks.
BTC Price Forecast: The Bears Face a Challenge at $36,600
From an on-chain perspective, there is a clear indication that Bitcoin whales have dialed down their trading activity in recent weeks.. The could result in a negative BTC price performance in the week ahead.

The Stochastic K (14,3,3) on the daily timeframe indicates oversold conditions, suggesting potential bearish momentum for Bitcoin.

However, the daily Bollinger Bands Lower at $35,500 provides significant support. If the bears can overturn that support level, it could open the doors to a much larger downswing toward $34,000.

Bitcoin (BTC) Price Forecast | Source: TradingView

In contrast, the Bitcoin bulls could invalidate that prediction if they successfully force an upswing above the $38,300. A decisive breakout above that price level could be enough to spur the Bitcoin whales and miners into bullish activity again.

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