Bitcoin Price Is Falling While Whales Grow – What Does Mean for BTC at $30k?BTC/USD daily chart | Tradingview
Bitcoin price has delivered a 12.2% upside in the last 30 days after factoring in the correction from its 12-month high milestone of slightly above $31,500. However, the same upside is starting to come under increasing pressure, especially if the immediate support at $30,000 crumbles, letting bears through.
The Paradox of Increasing Whales and a Struggling Bitcoin Price
Glassnode, a blockchain data analytics firm, has revealed that large Bitcoin holders, colloquially known as ‘whales,’ are increasing their holdings despite Bitcoin’s struggle to resume its upward trend.
Moreover, the same whales are hesitant about moving their assets to exchanges, with cold wallet storage standing out as the most preferred option. CoinDesk believes that investors are wary of the risk associated with leaving digital assets on exchanges, in addition to regulatory hindrances or both.
If the trend continues and we see less and less of the Bitcoin supply making it to exchanges as whales increase, this would be a bullish gesture.
Despite the growing interest among whales, the largest cryptocurrency has been bombarded with several economic data reports: The Federal Open Market Committee (FOMC) minutes on Wednesday and the Jobs and Services reports on Thursday.
Bitcoin and Ethereum did not take the ADP report well, which showed that the private sector added 497,00 jobs. On top of this, the ISM sector Index climbed to 53.9 in June, dwarfing market estimates of 51.2 and 50.3 in May.The report serves as a new catalyst for the U.S. Federal Reserve to justify further rate cuts as it grapples with the task of reining in inflation.
This hawkish stance typically exerts substantial pressure on cryptocurrency and other risk asset markets, as there is widespread concern that the Fed’s actions could plunge the economy into a severe recession.#BTC #GOATMoments