Bitcoin’s price surged to $22,673 in the last 24 hours, finally breaking the $20,000 resistance mark. This surge was influenced by whales as they stacked up BTC last week. However, Bitcoin’s market dominance has been unstable as the price fell back to the $21,000 mark today.
The State Of The Bitcoin Market
At the time of publication, the price of BTC is $21,801, with a 2.42% decrease from the previous day. The price range in 24hrs went from a low of $21,723 to a high of $22,673. This high of $22,673 has been its all-time high since the beginning of September.
BTC/USD price chart. Source TradingView.
There has been a recorded amount of sell-off since BTC attained $22,673. Investors rushed to take their profit from this pump in price. However, a trend in the chart shows immediate buyback after investors take profits.
So the whales restacked their BTC after selling off. This movement is a bullish signal from investors and whales for the BTC market. This signal shows whales are looking to make a profit and also to keep pumping the market.
Speculations say whales are still pushing for the $30,000 mark and beyond. Looking at the chart, it is very evident this is the case. The consolidation in the market has been minimal; investors sell off and immediately buy back to attain profit and keep the upward momentum of bitcoin.
Reactions To The Market
However, not all investors are bullish on this market trend. Reactions from most investors see this as a scheme by whales to make huge profits. They would fake pump the price and use a surge of investors buying as an exit liquidity plan.
Some investors said investors should get ready for a massive dump. “September and October are always bad for crypto, and this little pump is right on time to fool people yet again,” they said.
Others supported this view by stating that BTC would keep dumping because of geopolitical conflict and inflation. They urged people to not be misled by this pump but be logical.
One said this was a bear market, and this pump was purely a façade. “After this façade, bitcoin was heading to the $15,000 mark,” he said.
Little bullish reactions from chart watchers as many believed this was only a front that wouldn’t last. However, Bitcoin still struggles to pass this $22,000 mark. The whales are not resting either, as there has been a heavy buyback and stacking up of BTC.