Crypto Industry News:
The latest Glassnode analysis shows that whale activity has been on the rise in recent months. By observing changes in the balance of various participants in the network, Glassnode extracted wallets above 1000 BTC and looked at their behavior. The dominance of the inflow of whales to exchanges is high, it is responsible for approx. 41% of all inflows. Over 82% of them go to Binance. On-chain analysis also identifies that many of the whale addresses are addresses of short-term speculators that enter the market around local highs and lows.
Whale addresses have seen their BTC balance drop. The chart below confirms this trend. Whales account for 46% of the total supply, up from 63% at the beginning of 2021. It is also worth noting that whale entities also include stock exchanges and large centralized funds, such as ETP, BTC funds or private holdings, e.g. Microstrategy or ArkInvest.
The whale balance fell by 255,000 tons. BTC from May 30, 2023. This is the largest monthly balance decrease in history, i.e. 148 000 BTC per month.
Across all whale groups (including exchanges), Glassnode saw a net reduction of only -8.7k. BTC over the last month. Despite the extreme values shown in the Trend Accumulation Score, whaling entities have been somewhat neutral in recent months. Since the change in balance is relatively flat, yet there are very large changes both between portfolios and through flows to exchanges, according to Glassnode, it is highly likely that whale entities move funds between themselves, splitting portfolios.
Technical Market Outlook:
The BTC/USD pair has broken below the key short-term technical support located at the level of $29,623 and made a new local low at the level of $28,880. So far the bulls are bouncing up from the lows, but in a case of a breakout lower, the next target is located at $28,446 (this level will work as the technical support and the line in sand for bulls). The intraday technical resistance is seen at the level of $30,447, but now the level of $29,623 will act as the technical resistance as well. The momentum is weak and negative, moreover, it hit the extremely oversold levels on the H4 time frame chart.
Weekly Pivot Points:
WR3 - $30,622
WR2 - $30,209
WR1 - $29,962
Weekly Pivot - $29,796
WS1 - $29,549
WS2 - $29,383
WS3 - $28,940
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.