Breaking News
Ad-Free Version. Upgrade your experience. Save up to 40% More details

Bitcoin Whales Accumulate As Bitfinex Long Calls Surge

By Crypto Briefing (Ali Martinez )CryptocurrencySep 15, 2021 01:02AM ET
Bitcoin Whales Accumulate As Bitfinex Long Calls Surge
By Crypto Briefing (Ali Martinez )   |  Sep 15, 2021 01:02AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items

Bitcoin looks primed for a bullish impulse as the buying pressure behind it is rising at a rapid rate.

Key Takeaways

  • More than 3,200 long Bitcoin positions have been filled over the last week.
  • Meanwhile, whales have added 60,000 Bitcoin to their holdings within the same period.
  • A daily close above $49,650 could kick start the next leg up for the top crypto asset.

Investors appear to be re-entering the market as long Bitcoin positions increase while whales add tokens to their holdings. Although the recent spike in buying pressure looks encouraging, BTC still has one crucial obstacle to overcome.

Bitcoin Buy Orders Are Getting Filled

Whales have turned their attention back to Bitcoin.

The flash crash of Sep. 7 has sent market participants into fear. Now, some of the most renowned technical analysts in the crypto industry maintain that Bitcoin’s rejection from $53,000 could lead to a catastrophic outlook.

For instance, the analyst operating under the alias dave the wave believes that the flagship cryptocurrency would drop toward $30,000. They stated that the recent downward pressure could accelerate into a more significant downtrend as the moving average convergence divergence or MACD had a bearish cross on BTC’s monthly chart.

Despite the bearish worst-case scenario, several fundamental factors suggest that some investors have taken advantage of the price drop to buy Bitcoin at a discount.

The number of long Bitcoin positions in Hong Kong-based cryptocurrency exchange Bitfinex has made a higher high for the first time since July 22. More than 3,200 long positions have been created over the last week alone, suggesting that some traders have bought the dip.

BTC Longs Daily Chart
BTC Longs Daily Chart

Similarly, behavior analytics platform Santiment shows that whales are accumulating.

Addresses holding 10,000 to 100,000 BTC have purchased over 60,000 BTC worth roughly $2.82 billion within the same period. This significant number of tokens were also removed from known cryptocurrency exchange wallets, reducing the selling pressure behind Bitcoin.

BTC Price Chart
BTC Price Chart

While buy orders are piling up, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows a major supply barrier ahead of Bitcoin. Roughly two million addresses have previously purchased nearly 900,000 BTC between $46,900 and $49,650.

Only a daily candlestick close above this resistance wall would signal the resumption of the uptrend.

BTC-In/Out Of The Money Around Price
BTC-In/Out Of The Money Around Price

On the other hand, Bitcoin must hold above the $44,000 to $46,800 support zone to avoid further losses. Slicing through this significant interest area may encourage investors to sell their BTC to prevent seeing their investments go “Out of the Money.” In this eventuality, a downswing to $38,000 could play out.

Original Post

Bitcoin Whales Accumulate As Bitfinex Long Calls Surge

Related Articles

Crypto Briefing
Exploring The Biggest DeFi Opportunities On Solana By Crypto Briefing - Sep 26, 2021

The burgeoning Solana ecosystem has a lot to offer DeFi users.Key Takeaways Solana's DeFi ecosystem is growing rapidly. Several high-quality projects are vying to become the...

Gregor Horvat
Bitcoin May Continue Lower By Gregor Horvat - Sep 24, 2021 4

As per Elliott Wave analysis, Bitcoin (BTC/USD) is came nicely down in the 4-hour chart, but it's trading now at key 40k-37k zone for wave C, so in case if we see strong rebound...

Bitcoin Whales Accumulate As Bitfinex Long Calls Surge

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at’s discretion.

Write your thoughts here
Are you sure you want to delete this chart?
Post also to:
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email