Large investors, who are often called "whales" who bought bitcoin above $ 17,000, are not interested in the cryptocurrency falling below this level.
That is the conclusion reached by researchers from the WhaleMap team, which monitors the activity of large BTC holders.
Their report says that the "whales" acquired cryptocurrencies at the levels of $ 17,783 and $ 17,651. Accordingly, they will try to prevent Bitcoin from sinking below the values so as not to incur market losses.
On Friday, November 20, BTC is trading at $ 18,165. Over the past 24 hours, the capitalization of the largest cryptocurrency has increased to $ 336.706 billion. Analysts also pointed to a high value of the $ 18,500 mark. Key resistance is expected at this level, breaking which BTC will open a direct path for itself to $ 20,000.
Trending: Salvadorans are against buying bitcoins at the expense of the budget
Trader Edward Morra also believes that falling below $ 17,000 is a highly undesirable scenario for the whales. That is why the buying activity of large investors is increasing on the Coinbase and Bitfinex platforms. There is an increase in the number of buy orders above $ 17,200.
By placing buy orders above $ 17,200, the whales make it clear that they are ready to support the cryptocurrency.
Delphi Digital co-founder Kevin Kelly also drew attention to the activation of large investors. He stressed that capital inflows began to increase when Bitcoin exceeded $ 14,000.
Trending: CoinShares: Bitcoin funds raised $8.8 million in a week
This trend indicates the growing interest in cryptocurrency from large financial institutions. The expert also added that, unlike in 2017, the market is now more mature.
Drawdowns on the way to new highs are inevitable, but the overall positive trend continues to dominate, Kelly said.