Bitcoin’s price is approaching the $100,000 milestone, with increased whale activity on Bitfinex suggesting potential market momentum. BTC currently trades at $98,091, marking a 2.6% weekly gain amid growing institutional interest.
Whale Activity Signals Market Shift
CryptoQuant analyst Mignolet reports unprecedented leverage ratios across exchanges. Bitfinex shows particularly notable whale movements. The platform’s leverage ratios have spiked sharply, coinciding with rising open interest.
This surge in whale activity could signal an impending price movement. Large traders often lead market trends. Their current positioning might indicate preparation for a significant price action.
Technical Analysis and Support Levels
Bitcoin has established strong support near $97,100. Data from IntoTheBlock reveals 2.76 million addresses holding 2.1 million BTC at this level. This massive demand zone could prevent further downside.
The asset remains 8.7% below its January all-time high of $109,000. Recent price action suggests a potential recovery phase. The current consolidation might precede a breakout attempt.
Market Implications
Several factors support a bullish outlook:
- All-time high leverage ratios across exchanges
- Strong whale activity on Bitfinex
- Substantial support at $97,100
- Positive weekly price momentum
However, traders should note potential risks:
- High leverage could amplify market volatility
- Distance from ATH might require significant buying pressure
- Whale movements could trigger short-term price swings
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The convergence of whale activity and strong support levels suggests Bitcoin might be preparing for its next major move. Traders should monitor Bitfinex order flows for potential direction signals.
Tags: Bitcoin, Whale Activity, Market Analysis, Bitfinex, Crypto Trading
Source: NewsBTC