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Whale movements and realized price crossovers.
This week, we have seen one of the largest bitcoin whales move half of its balance sheet, which marked the beginning of negative market sentiment. According to Kee Yang Ju's wallet tracking analysis, this transaction most likely originated on the Gemini exchange. Therefore, it was an internal transfer and there was no sales pressure.
Since June 13th, bitcoin has been trading below the selling price, which means a possible market bottom. If between November 2018 and April 2019 it remained under this threshold for 20 weeks, then in March 2020 it traded for only a week. However, we should not forget that the rapid rebound in March 2020 was due to the unprecedented response of Central Banks to COVID.
Thanks to the sharp rise in the last two days, Bitcoin is trading above the realized price. The question is whether it will stay above this threshold and use it as a support level or fall below again.
