What does EIP 4844 mean for Ethereum Rollup?
The Ethereum Dencun upgrade will enable Ethereum transactions to be submitted as blobs, potentially reducing the cost of publishing data on the blockchain.
JinseFinanceLog in/ Sign up
$27K 'max pain' Bitcoin price is ultimate buy-the-dip opportunity, says research
Follow
Bitcoin (BTC) is facing calls for a significant price dip this week, and while some favor $30,000, there may be a safer bottom to long BTC.
In a tweet on April 28, on-chain analysis platform Whalemap used whale support to determine where "many" investors should enter the market.
Should hodlers hope for "max pain"?
With Bitcoin whales in focus at what is the most historically significant consolidation zone in Bitcoin's history, their buying and selling matters .
Last month's push to near $50,000 was thwarted, among other things, by large-volume sellers, the analysis showed at the time.
Now, as $30,000 returns to traders' radar as an "ultimate bottom," those whales may, in fact, be primed to help cement a new macro floor for BTC/USD.
For Whalemap, coins bought en masse at $27,000 mean that level — just below the 2021 yearly open and bottom from last July — is the one to watch.
"25K—27K area is max pain for many," it commented.
"Ideal place to go all in Bitcoin if we ever get there."
Whalemap issued a map of Bitcoin realized price sorted by wallet size as the basis for its potential price target. Realized price shows at what price each Bitcoin last moved, making $25,000–$27,000 a key interchange point for buyers and sellers alike.
The largest whales, meanwhile, also have a vested interest in $34,000.
Bitcoin exchanges still busy with buyers
Looking at buying habits more broadly, April has not disappointed despite drawdowns.
Related: Bitcoin institutional buying ‘could be big narrative again’ as 30K BTC leaves Coinbase
Data from on-chain analytics firms Glassnode and CryptoQuant shows that not only has the trend of BTC leaving exchanges accelerated, but reached levels rarely seen.
"The 30-day change in the Bitcoin Exchange Balance is hitting negative levels that we've only seen a handful of times in the last two years," Twitter account On-Chain College wrote alongside an annotated chart of Glassnode's exchange net position change figures.
The 21 trading platforms tracked by CryptoQuant, meanwhile, have the lowest combined BTC reserves since September 2018.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Gain a broader understanding of the crypto industry through informative reports, and engage in in-depth discussions with other like-minded authors and readers. You are welcome to join us in our growing Coinlive community:https://t.me/CoinliveHQ
Add Comment
LoginLeave your comments
0 Comments
Earliest
Load more comments
More news about バイザディップ 意味
- NEAR official X account published 4 unclear postsBullishBearish
- Cardano Founder Accidental Memecoin Plug Spells DisasterBullishBearish2
- What the Bitcoin Halving Means for InvestorsBullishBearish1
More news about バイザディップ 意味
- JinseFinance
Impact of the adoption of Bitcoin ETF
After many reversals and mistakes, the Bitcoin Spot ETF was finally approved by the U.S. Securities and Exchange Commission.
JinseFinanceVitalik elaborates on PoS simplification proposal, Ethereum rebound means market recovery
Golden Finance launches the 2190th issue of the cryptocurrency and blockchain industry morning report "Golden Morning 8:00" to provide you with the latest and fastest digital currency and blockchain industry news.
JinseFinanceBankless：币安与美国政府和解 对加密行业意味什么
JinseFinanceWhat Do Blockchain Inscriptions Mean?
Beyond its financial transactions, Bitcoin's blockchain holds hidden messages and inscriptions that add a layer of personalization and expression. This article explores the significance of inscriptions on the Bitcoin blockchain, from identifying senders to embedding codes and expressing opinions. Delve into famous inscriptions like the genesis block message and the hexadecimal code linked to WikiLeaks. Discover how the blockchain becomes a canvas for tributes, political statements, and historical markers, making it more than just a ledger of transactions.
BerniceChatGPT意味着第二次认知革命的到来
JinseFinanceWhat the Merge Means for Ethereum
The Ethereum Foundation's Danny Ryan discusses how the Merge will increase security and explains how proof of stake impacts developers.
FutureAIWORK And IVS Partnership And What It Means For Users
Artificial Intelligence, or simply AI, refers to systems and machines that have the capability to replicate human intelligence, utilizing it ...
BitcoinistWhat Does Metaverse Mean for Global Football?
While considering the Global Sports Market Opportunities and Strategies Report 2021, issued by Yahoo Finance, it is reported that the ...
BitcoinistANZ exec: 'weight of money' means cryptocurrencies can't be ignored
Nigel Dobson, head of portfolio banking services at ANZ, said: "When we looked at this in depth, we came to the conclusion that this is a significant protocol shift in financial market infrastructure."
Cointelegraph