Bitcoin and the entire crypto market have, thus far, seen a quiet day of trading. BTC is mostly hovering around the $ 11,000 zone, while altcoins all have similar periods of consolidation.
Bitcoin’s latest rally comes shortly after news of Square buying $ 50 million worth of BTC to keep on their balance sheet as a reserve asset.
This news seems to have sparked the momentum that the cryptocurrency has faded away, ultimately helping to take it to its recent high of $ 11,700.
A trend seen when looking at whale activity seems to suggest that retail investors are about to flood the market.
Bitcoin price is stabilizing
At the time of writing, Bitcoin is down only 0.5% at its current price of $ 11,429. This is where it has been trading for the past few days.
Because the bulls have gained control of the cryptocurrency’s mid-term trend, there is a strong possibility that the next uptrend is imminent in the near term, but it faces some stiff resistance at $ 11,600.
Retail investors are entering the market
A trend seen when looking at Bitcoin whale activity suggests that retail investors are quickly entering the market.
While consulting Glassnode’s data, Unfolded explains that the drop in Bitcoin whales signals that retail investors are pouring in.
“Historically, the onset of a decline in BTC whales has often indicated increased interest from retail investors and a start to run to the top of the market.”
This trend – if it continues – could mean a large amount of capital is on the sidelines waiting to enter Bitcoin and the synthetic cryptocurrency market.
Disclaimer: This is not investment advice. Investors should learn carefully before making a decision. We are not responsible for your investment decisions.