Bitcoin Whales Dominate Market Despite Recent Slump

Despite suffering wave after wave of sell-offs in the opening month of 2022, the Bitcoin (BTC) market remains dominated by whale investors.

Over the past hours, analytics platform Bitcoin Black Bot revealed that a whale account has moved 10,156 BTC (worth $396 million at press time) in block 721,242, with BTC trading at $39,000.

Whale investors (traders holding $10 million and above worth of BTC) typically move their holdings away from exchange platforms when they aspire to HODL for a longer period.

As the market becomes less bearish, the benchmark cryptocurrency has touched the $39,000 top for the first time in eleven days as BTC recorded a 24 hour jump of 1.4% on Tuesday. Bitcoin and the crypto market have performed exceptionally well (bullish) in February, giving traders hope of impending bull waves over the coming days and weeks.

However, pundits assert that a possible upside is currently limited to the $45,000 barrier, although short-term buyers are abundant at the $35,000 to $37,000 area.

However, others have expressed their skepticism over a bullish turnaround despite the recent price hike, as macroeconomic and regulatory risks remain at critical levels.

In other news, US Congressman Ted Budd submitted an amendment to the bill that allows the US Treasury control to restrict certain financial transactions without consultation of any kind. This legislative piece caused an uproar among investors, who deemed it an infringement on privacy and investment rights.

Key Bitcoin Levels to Watch — February 1

BTC has secured a bullish momentum after bottoming around $33,000 last Monday. The benchmark cryptocurrency has now planted a solid footing above the 4-hour 50 SMA. Bulls now target the 200 SMA, which coincides with the $41,000 pivot top. I expect to see a bullish continuation over the coming days towards the mentioned top.

In the meantime, massive bullish trading volume has returned to the market for the first time in over two months, further validating a near-term bullish continuation.

Meanwhile, my resistance levels are at $39,000, $40,000, and $41,000, and my key support levels are at $38,500, $37,500, and $36,000.

Total Market Capitalization: $1.78 trillion

Bitcoin Market Capitalization: $739.5 billion

Bitcoin Dominance: 41.3%

Market Rank: #1