Bitcoin Whales Resurface To Sell Down Weekend Retest of Highs

Tony "The Bull" Severino

Last Updated: June 11, 2024 2:12 pm

3 mins read

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Bitcoin is back above $19,000 after repeated tests of below $18,000. Dip buyers have proven too strong to send prices tumbling, but at the same time, whales keep resurfacing, again and again, to sell down any intraday rallies as soon as they begin to hover above $19,250 for an expended period of time.

This weekend’s retest of highs ahead of the critical weekly close resulted in yet another whale sighting, as shown through the BTC supply flowing into top cryptocurrency exchanges. Will whales finally succeed and send the recent rally toppling down lower, or will dip buyers soon overwhelm the large wealth investors, and cause the cryptocurrency to rocket higher?

Bitcoin Weekend Rally Stops With Whale Encounter

The cryptocurrency market never sleeps and trades 24/7, 365 days a year, even on holidays, without exception. Those who invest in the emerging asset class don’t enjoy the same luxuries of rest and a distinct lack of stress that traditional market investors do.

In exchange for the rollercoaster ride, however, the first-ever cryptocurrency can go on sizable rallies that make up for months of lost sleep and worry.

During the weekends, however, is when liquidity is lowest, and large orders can do the most damage. And that could be why this weekend, whales decided to show up and crash the party ahead of the Sunday night close.

A fractal points to a phase of painful sideways and shakeout in both directions | Source: BTCUSD on TradingView.com

However, it also could be whenever Bitcoin price makes it near its former all-time high of around $19,500 that whale-sized orders suddenly fill.

Whale Watching: How Quantitative Analysis Can Tip Crypto Investors Off About Coming Moves

Anyone who has spent even a meager amount of time around the crypto market has likely come across a Bitcoin price chart with dozens of lines, indicators, and what might as well be hieroglyphics for those new to technical analysis.

But quantitative analysis – a cornerstone of fundamental analysis – can be easier to understand, and in crypto can tip traders off on any large whale activity, and more.

In traditional finance, quant analysis looks at company revenue, operating expenses, and even stats pertaining to the business sector itself. None of this exists in crypto, so instead, quant analysis looks at BTC inflows and outflows to and from exchanges, and the amount of BTC held in each wallet.

All of this data is transparent via the blockchain, and websites such a CryptoQuant.com have emerged that provide detailed insights into Bitcoin into whale activity.

A fractal points to a phase of painful sideways and shakeout in both directions | Source: All Exchanges Inflow Mean on CryptoQuant.com

It is this data that might have tipped off a trend change in advance and did a far better job at doing so than as many as ten technical indicators that have been screaming reversal and bearish divergence for weeks now.

A bullish Bitcoin is unstoppable in terms of technicals, but due to the sheer size of these whales, there is a chance they can turn the tides in favor of bears once again.

Featured image from Deposit Photos, Charts from TradingView.com

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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