Bitcoin price broke above the $23K resistance level on Thursday and managed to maintain its value above that level until today. The highest Bitcoin price this month was $23.9 on January 29th. At the time of writing (1/31/2023 10:53 AM), Bitcoin’s value is $22,874, down 3.4% in the last 24 hours. The weekly chart is also mostly red but longer timeframes, monthly, for example, signify the asset’s growth.
However, besides the price movements and technical, analytic elements, Whales are depositing more funds into exchanges than what they are withdrawing, according to a CoinDesk report. Also, data from an on-chain intelligence firm shows BTC transfers from wallets to exchanges have been increasing since January 22nd. Usually, when large crypto holders transfer BTC from their wallets to exchanges, the respective market will enter a bearish trend as the demand increases relative to supply. The opposite is also true; when whales withdraw their assets from their wallets, buyers find the chance to push the market in their direction. Of course, even if the whales tend to reverse the current bullish trend, they will need more time to take larger profits, and the bullish trend will now reverse in the short run.
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