{"id":99377,"date":"2020-10-28T13:00:00","date_gmt":"2020-10-28T10:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-bull-cycle-gaining-steam-whale-cluster-at-13k-is-now-a-support-zone\/"},"modified":"2020-10-28T13:00:00","modified_gmt":"2020-10-28T10:00:00","slug":"bitcoin-bull-cycle-gaining-steam-whale-cluster-at-13k-is-now-a-support-zone","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-bull-cycle-gaining-steam-whale-cluster-at-13k-is-now-a-support-zone\/","title":{"rendered":"# Bitcoin bull cycle gaining steam: Whale cluster at $13K is now a support zone"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3ae8fea7208\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3ae8fea7208\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bull-cycle-gaining-steam-whale-cluster-at-13k-is-now-a-support-zone\/#Why_a_13000_support_would_be_ideal_for_a_Bitcoin_rally\" >Why a $13,000 support would be ideal for a Bitcoin rally<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-bull-cycle-gaining-steam-whale-cluster-at-13k-is-now-a-support-zone\/#Risk_of_a_massive_profit-taking_correction_is_low\" >Risk of a massive profit-taking correction is low<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin bull cycle gaining steam: Whale cluster at $13K is now a support zone <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">According to on-chain data from the analysts at Whalemap, $13,000 has become a support level for the price of Bitcoin (BTC). Whale clusters indicate that whales \u2014 or large BTC holders \u2014 are continuously accumulating.<\/p>\n<p>Whale clusters form when a large number of BTC are transferred to a new address and the BTC is unspent. This indicates that whales either bought or transferred their BTC to other whales, signifying buyer demand.<\/p>\n<p>A large whale cluster has emerged at the $13,000 level, which could turn into a key support level.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/5af0fb90-682c-4956-92ae-e5a8fb965b92.jpg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>A chart of Bitcoin whale clusters. Source: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/whalemap.io\/\">Whalemap<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Why_a_13000_support_would_be_ideal_for_a_Bitcoin_rally\"><\/span>Why a $13,000 support would be ideal for a Bitcoin rally<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The ongoing rally of Bitcoin has been different from previous uptrends in that it is considered to be more sustainable.<\/p>\n<p>Bitcoin started to rally and gain momentum from Sep. 23. Since then, it has repeated the pattern of rallying and then consolidating, establishing clear support levels.<\/p>\n<p>On Sep. 23, BTC initially rallied from $10,200 to $10,600, then consolidated. The rally began once again on Oct. 8 up to $11,700, then stabilized at $11,400 for a few days. Then on Oct. 19, it started to rally again.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"\/><\/p>\n<p>Due to the healthy rally of Bitcoin, whales have been accumulating BTC in key areas. The whale cluster at $13,000 might suggest that high-net-worth investors do not expect a massive pullback occurring in the near term.<\/p>\n<p>Speaking to Cointelegraph, Whalemap market analyst Andy Bohutsky explained:<\/p>\n<blockquote><p>\u201cWe have a whale cluster at $13,000 now, with a lot of unspent bitcoins belonging to whale wallets at that level. Since, Bitcoin\u2019s price is above the $13,000 level \u2014 it should be acting as support. The origin of the whale cluster could be due to OTC deals: looking at the HODLer volume during the short time we spent at $13,000 shows that a lot of BTC was moved during that time (HODLer transaction volume at 01:00 UTC time on 23 October totaled to more than $1billion dollars).\u201d<\/p><\/blockquote>\n<p>The $1.1 billion Bitcoin transaction on Oct. 23 was later found to be a transaction made by Xapo. Since Xapo is a cryptocurrency custodial service provider, there&#8217;s a good chance that this was an over-the-counter transfer.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risk_of_a_massive_profit-taking_correction_is_low\"><\/span>Risk of a massive profit-taking correction is low<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Meanwhile, another relevant metric, the Spent Output Profit Ratio (SOPR) gauges whether investors in the cryptocurrency market are taking profit on their positions.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/e42b20d0-bc97-4a71-b42c-82c6151ba371.jpg\" alt=\"\" title=\"\"\/><figcaption style=\"text-align: center;\"><em>Bitcoin whale SOPR. Source: Whalemap<\/em><\/figcaption><\/figure>\n<p>Bohutsky explained that while SOPR has been consistently volatile, it did not substantially increase when BTC surpassed $13,800.<\/p>\n<p>This data suggests two main things. First, investors have been taking profit regularly throughout the past month \u2014 reducing the probability of a large profit-taking pullback. Second, even at a multi-year resistance like $13,875, whales are not taking large profits. He said:<\/p>\n<blockquote><p>\u201cThe origins of BTC that was spent during that time is shown in the \u2018Map of spent bitcoins\u2019 chart (red bubbles). SOPR for the 01:00 UTC time on 23 October does not go too high though which is quite surprising. In terms of macro levels, volume profile shows them pretty well where the levels shown also coincide with what a technical trader would consider valid S\/R as well.\u201d<\/p><\/blockquote>\n<\/div>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-bull-cycle-gains-steam-whale-cluster-at-13k-is-now-a-support-zone\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin bull cycle gaining steam: Whale cluster at $13K is now a support zone &#8221; According to on-chain data from the analysts at Whalemap, $13,000 has become a support level for the price of Bitcoin (BTC). Whale clusters indicate that whales \u2014 or large BTC holders \u2014 are continuously accumulating. Whale clusters form when&#8230;<\/p>\n","protected":false},"author":1,"featured_media":99378,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/dedbb5d7-a40a-43b2-b267-be505af6aeed.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-99377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=99377"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/99377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/99378"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=99377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=99377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=99377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}