Bitcoin (BTC) maintained its bullish momentum on April 24 as research revealed that whales were “buying the dip.” The price of BTC hovered around $67,000 after a boost in the latest daily close. Despite trading within a narrow range, bulls continued to chip away at nearby order book liquidity.
According to data from CoinGlass, there was a bid wall of approximately $35 million on Binance during the daily close, with most of the ask liquidity concentrated between $67,000 and $67,500. Trading resource Material Indicators highlighted how dynamic changes in liquidity placement impact overall price action. An accompanying chart showed increased exposure in the $1-$10 million order category among Bitcoin whales, adding to existing findings from Santiment. The research firm noted a “FOMO” trend among wallets with a balance between 1,000 and 10,000 BTC.
These whales now own over a quarter of the BTC supply, signaling new record highs in the future. Meanwhile, QCP Capital suggested that crypto markets could experience a final period of low volatility before a significant shift occurs. The firm described the current state as “unsettling quietness,” with BTC trading in the middle of the 60/73k range and front-end volatility decreasing to around 60%. Analysts also noted a reset in Bitcoin funding rates and a gradual return of interest to spot Bitcoin ETFs in the United States.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.