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The Bitcoin (BTC) price bottom might already be in, whales' activity suggests. More and more deposits are entering centralized BTC futures exchanges, which is typically a bullish signal for the orange coin, CryptoQuant community analysts say in their reviews.
Bitcoin (BTC) whales might be back to buying, CryptoQuant data shows
The amount of aggregated deposits to futures exchanges has increased in recent periods, which might be a signal for potential interest from Bitcoin (BTC) whales. Typically, this combination of factors has unlocked good opportunities for futures whales to open BTC longs, CryptoQuant analyst Mignolet (@mignoletkr in X) noted in his review.
It’s time for futures whales to open long positions
— CryptoQuant.com (@cryptoquant_com) July 15, 2024
“In the past, during such periods, #Bitcoin deposits to futures exchanges increased, and the price actually rose.” – By @mignoletkr
Full post 👇https://t.co/dtLbMJBBA0 pic.twitter.com/E3XhhrzP9G
He also stressed that Bitcoin (BTC) market sentiment is filled with fear, while the funding rates on futures exchanges have turned negative.
In the last two days and for the first time in weeks, Bitcoin (BTC) bulls managed to push the "Fear and Greed" index back to the neutral zone: it spiked from 25/100 to 52/100 in just two days.
Also, in a report for his 32,700 followers on X, Mignolet demonstrated that in the last six years, such activity by depositors has resulted in a BTC price upsurge at least seven times.
His colleague, certified trader Kapoor Kshitiz, indicated other bullish catalysts that make the entire situation look more optimistic for bulls. Bitcoin (BTC), he noted, managed to stay above the critical level of $60,000 while a bullish devergence occured on the RSI chart.
Bitcoin's (BTC) choppy price action over?
Besides that, Bitcoin (BTC) is trading above the 200-day moving average (200 DMA) which is typically considered to be the "bullish" zone for macro traders.
Last but not least, Coinbase Premium Gap is surging, which is a clear signal of interest demonstrated by bulls. The indicator managed to keep surging for the last nine days forming a clear uptrend, data shows.
As German law enforcers are done selling their BTC reserves, Bitcoin (BTC) soared to $63,302 today, which is equal to a 5.3% upsurge in 24 hours.