Crypto Industry News:

It appears that major players, including institutions, have taken advantage of the decline in bitcoin’s price to buy significant amounts of digital currency.

According to Material Indicators, an analytical company that studies on-chain data, Binance had the platform’s largest-ever, massive buy orders worth over $ 100,000. Considering the fact that Binance is the world’s largest cryptocurrency exchange by volume, this indicator clearly indicates whale activity.

It is surprising that such mass purchases by major market players are more common than ever – which is directly different from the size of smaller orders. While whale activity has increased for bitcoin purchases, smaller investor activity seems to be slowing down.

This is most likely due to the high price of bitcoin at the moment. Smaller retail investors are afraid to buy high, assuming the cryptocurrency price could collapse suddenly.

Material Indicators suggest that whales may sell in the face of a cryptocurrency raid, repeating a pattern of price increases and a quick correction. However, it does not seem to have happened yet – if it does – there may be other factors involved. For example, the volume of whale orders slowed after the announcement that a US $ 1.9 trillion stimulus package had passed through the Senate.

Technical Market Outlook:

The BTC/USD pair has made another higher high located at the level of $57,833. The next target for bulls is seen at the level of 127% Fibonacci extension of the last wave up seen at $58,275. The momentum remains positive, but it points down already, so any violation of the level of $52,039 might be the trigger to do lower towards $49,422. The larger time frame trend remains up and there is no indication of the up trend termination of reversal yet.

Weekly Pivot Points:

WR3 – $61,059

WR2 – $56,697

WR1 – $53,887

Weekly Pivot – $49,123

WS1 – $46,093

WS2 – $41,457

WS3 – $38,335

Trading Recommendations:

The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $60,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $41,125 is clearly broken.


The material has been provided by InstaForex Company –

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.