Bitcoin Price Analysis: Can Tether Whales Save BTC from Impending Correction?
The post Bitcoin Price Analysis: Can Tether Whales Save BTC from Impending Correction? appeared first on Coinpedia Fintech News
After watching from the sidelines in the past few months, smart money has prepared to enter the crypto market following the recent Bitcoin (BTC) and Ethereum (ETH) breakout. With all factors leading to high demand for digital assets by institutional investors, the trading volume for most crypto assets has more than doubled in the past few. Moreover, the interest from leading futures exchanges has increased exponentially, suggesting more upside in the coming weeks.
Tether Whales in Action
#Tether, #crypto's top #stablecoin, has spiked in activity while #altcoins have been flying. For the first time since early March, right as $BTC started a +50% rally, we are seeing similar amounts of $USDT in both trading volume & in whale circulation. https://t.co/eTS8KAnsb1 pic.twitter.com/RfspmrcgwQ
— Santiment (@santimentfeed) November 16, 2023
Market intelligence platform Santiment has presented investors with valuable data that suggest more cash inflows to the speculative digital asset industry. Notably, Tether (USDT) transactions valued at $100,000 and more spiked to over 40,000 weekly for the first time since March. Interestingly, the same trading volume was recorded during the Bitcoin breakout from $21,000 to $29,000 following the banking crisis that rocked most leading global economies.
Bitcoin Price Action
From a technical perspective, Bitcoin price has broken out of a significant ascending triangle pattern following the recent spot ETF frenzy in the United States. Consequently, the daily golden cross between the 50 and 200 Moving Averages (MA) was formed, invalidating the short-term bearish outlook. Nonetheless, unless Bitcoin price closes above $37.9k consistently in the coming days, a possible double top coupled with a bearish Relative Strength Index (RSI) threatens to push the mother coin towards the support range between $31k and $34.5k.
