UTC-05:00,Saturday , October 19th 2019

CoinNess Analysis: Whales Pushing Up BTC Prices

21:39 Wednesday , October 09th 2019
Citing the Bitcoin (BTC) analysis of Jins, the in-house crypto analyst at CoinNess.com, BTC rebounded to a resistance level at around $8,500 in the short-term, and the price continued to rise in the 10-minute K-line chart within the past 110 minutes. At this time, it is very important to summarize the trend of the price increase and confirm the main resistance price. The price recovery of key resistance levels will not be completed very quickly, and the mainstream cryptocurrencies will face the obvious resistance during the process.
From the trend characteristics of BTC, the net inflow of funds reached 1.03 billion yuan and 1.56 billion yuan on October 7 and October 9 (UTC+8), which shows two obvious rebound stages. From the performance of the active whale, after the first transfer of BTC on September 27, the account took 15 trading days to transfer 10,223 BTC within 2,116 transactions. Therefore, the whale transfer may drive the increase of BTC price.
From the figure, the number of coins held in the account "3DGxAYYUA61WrrdbBac8Ra9eA9peAQwTJF" increased rapidly on October 1. Overall, the cost of BTC it holds is near the closing price of $8,292 on October 1. It may explain why BTC began a strong rebound after a rapid decline on October 6.