Bitcoin is back at $30,000 as whales reach a ‘giga long’.

Bitcoin is back at $30,000 as whales reach a 'giga long'.

Bitcoin (BTC) briefly fell to $28,700 on Monday, but quickly recovered back above $29,000. Bitcoin started a sharp rally yesterday afternoon, which led to a rally just above $30,200 overnight. Bitcoin then fell to $29,750 and is currently looking for support here.

Bitcoin briefly fell to $29,600, but rose to $29,796 on Binance and $27,126 on Bitvavo at the time of writing. This means that the bitcoin price is up 2.2% today. The total market capitalization is $580 billion and the dominance is 48.9%. The fear and greed index came in at 50 (neutral).

Is volatility making a comeback?

We’ve written often recently that bitcoin’s volatility has fallen to an all-time low, in part due to lower trading volumes on exchanges. According to CCData, the Bitcoin volatility indicator (BVIN) until one All the time low It reached 36.3 on August 6th.

Of course, that was a few days ago and with that move higher, we may see the volatility return begin.

Inflation figures could cause a stir tomorrow

For example, tomorrow we have the release of the US Consumer Price Index (CPI). Inflation figures are expected to rise slightly this time around and this could create fear in the financial markets.

This doesn’t look good for bitcoin either. Recently, however, Bitcoin has been so weakly correlated with other markets that it has become increasingly difficult to estimate how the BTC price will react to macroeconomic developments.

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Bitcoin mining is getting more and more difficult today

Firstly, today we get another increase in the so-called bitcoin mining difficulty, or difficulty. According to data from BTC.com The difficulty will be adjusted in about 5 hours. However, it’s only estimated to be 0.3% this time around, so it’s not likely to cause much of a stir.

Bitcoin whales seem amazing

However, we are seeing some positive developments with yesterday’s rally. Almost $400 million in bitcoin passed through whalesAnd Major investors, including those from stock exchanges, reports analyst James Van Straten.

Cryptoquant founder Ki Young Ju reports that bitcoin whales have taken “huge long” positions at $29,000. It indicates the degree of trust between these large investors, but it can also lead to the so-called long press It results if there are no other factors besides them.

Bitcoin price resumes the battle at $30,000

According to analyst Mortensen Bach, a surprise in the inflation figures could push bitcoin higher and finally break above $30,000.

Analyst Rect Capital remains somewhat more cautious. For the analyst, it is important for the price to close above $29,250 this week to show that selling pressure is easing around $30,000.

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Disclaimer: Investing involves risk. Our analysts are not financial advisors. Always consult an advisor when making financial decisions. The information and advice provided on this site is based on the insights and experiences of our analysts.

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