During the week, Whale Alert recorded 14 Bitcoin whale operations, including six in accumulation. Then, five through which these players introduced 10,844 BTC into the market on different exchanges. Finally, two were made between exchanges and one between unknown portfolios.
The day there was more movement for BTC was July 10, when Bitcoin fell from around $ 9,400 to a level close to $ 9,100 in a few hours. Although there has been a recovery throughout the day, you can notice the sharp change in BTC’s weekly price chart.
This day also coincided with the time when Bitcoin reached a historical correlation level with the S & P500.
Overall, this week, 47.94% of transactions accumulated. The rest moved between the exchange platforms we know of.
It could be said that the market at $ 9,200 per Bitcoin eliminated the gains made earlier in the week. Bitcoin recovered 1.9%, then fell 2.1% and is now stable.
Then we can talk about another break. Despite this, traders who buy when prices drop don’t give enough momentum to significantly boost the market, which we’ve seen with Bitcoin whales.
Right now, there is less and less room to move, so we should see how it goes in the coming days. Therefore, any sudden event should last a considerable period of time to call it a break in a new trend and not another failed one like the one we saw this week.