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After the dull performance in recent weeks, it seems that Bitcoin is witnessing a fixed recovery as its price is now approaching the price of $ 100,000.
In particular, so far, BTC has managed to restore some falling losses in recent weeks as it is now hovering over 98,000 dollars, which represents an increase of 2.6 % in the past seven days.
In addition to this price movement, new data appeared highlighting a great activity among adult holders on stock exchanges, indicating a shift in market dynamics.
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BitFinex whales show an increased activity
A encrypted analyst known as MIGNOLET recently shared detailed Expectations On the exchange whales and its impact on the current procedure of the price in Bitcoin. MIGNOLET's notes focus on influence rates via major trading platforms. According to his analysis, the “financial leverage ratio of exchange” is at all levels ever.
This measure, which picks up the amount of leverage used in exchanges, reflects an increased activity that may precede significant prices. Interestingly, although Binance has witnessed the percentage of leverage to the levels that were last seen during the unification stage last year, Bitfinex tells a different story.
On Bitfinex, lifting rates have increased sharply, with an increase with an increase in open interest. Mignolet highlights that this activity indicates a sudden increase in whale movements within the scope of continuous monotheism.
Although these lifting rates alone do not guarantee a specific trend of prices, the sharp height on BitFinex indicates a shift in the market dynamics that bear their viewing.
According to the Cryptoquant analyst, the question now is: What are these whales that aims to? Mignolet's analysis stops providing a final answer, but it can soon make a major price shift.
With a steady bitcoin price detention above $ 98,000, the actions of these merchants can widely affect whether the market returns to the top or returns to a more extensive standardization stage.
Bitcoin faces a potential strong support area
Meanwhile, Bitcoin continued to approach the six -digit price sign that recently decreased in the previous week. Although the original is still a decrease of approximately 8.7 % from its highest level (ATH) above $ 109,000 was established in January, it has managed to see the price height in the past few days.
At the time of writing this report, Bitcoin is trading $ 98,091, which represents a 1.2 % price increase during the past day. according to Data From InTotheblock, it seems that the original sees a formation of a “huge order area with a little less than the current price”.
It is highlighted that if the market faces more downward pressure around this area, the area may work as strong support.
A huge request area formed a little less than the current price
The data on the series indicates that 2.76 million titles were obtained for a total of 2.1 million $ BTC At an average price of 97.1 km, highlighting the great purchase benefit at this level.
If the market is facing a decline … pic.twitter.com/anm1kkxmte
– Intotheblock (@INTOTHEBLOCK) February 21, 2025
A distinctive image created with Dall-E, the tradingView chart
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