Bitfinex Whale Activity Increases as Bitcoin Price Nears $100,000
Bitcoin is recovering from recent lows, with its price nearing $100,000 and currently at $98,091, reflecting a 2.6% increase over the past week.
Increased Activity Among Bitfinex Whales
- CryptoQuant analyst Mignolet reports heightened activity among large holders on exchanges.
- The all-exchange leverage ratio has reached an all-time high.
- While Binance's leverage ratio has decreased, Bitfinex shows a significant surge, indicating increased whale movements.
- This uptick in leverage suggests potential shifts in market dynamics that warrant monitoring.
Bitcoin Nears Strong Support Zone
- Bitcoin is approximately 8.7% away from its all-time high of over $109,000 set in January.
- A "massive demand zone" has formed just below the current price, potentially acting as strong support.
- 2.76 million addresses purchased 2.1 million BTC at an average price of $97,100, indicating substantial buying interest.
Market behavior around these key levels could influence the next price movement for Bitcoin.