{"id":1838,"date":"2022-01-13T06:25:56","date_gmt":"2022-01-13T06:25:56","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1838"},"modified":"2022-01-13T06:25:57","modified_gmt":"2022-01-13T06:25:57","slug":"bitcoin-btc-climbs-again-on-whale-buying","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-climbs-again-on-whale-buying\/","title":{"rendered":"Bitcoin (BTC) Climbs Again on Whale Buying"},"content":{"rendered":"\n<p><a href=\"https:\/\/tradersofcrypto.com\/news\/bitcoin-btc-back-to-liquidations-flash-crash\/\">Bitcoin (BTC)<\/a> showed its ability to bounce fast from its lows under $40,000. The leading coin recovered within days to above $43,700, after signs that the latest dip was oversold. <\/p>\n\n\n\n<p>Once deleveraging happened, BTC rose again by thousands of dollars. It is too early to tell if this will bring about a new rally, but BTC, for now, goes closer to its stability levels from the past few weeks.\u00a0<\/p>\n\n\n\n<p>The BTC reversal arrived with a series of indicators that the bottom of the crash had been reached. Diminishing liquidations were combined with prices already considered a \u201cbuy\u201d signal. Additionally, the Rainbow chart suggests BTC is still comparatively cheap.&nbsp;<\/p>\n\n\n\n<p>Another signal on coin dormancy added to the mix and may be a factor in re-sparking buying.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Dormancy flow buy signal on <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a>, very rare, only six times in history <a href=\"https:\/\/t.co\/eNU5lY9sOH\">pic.twitter.com\/eNU5lY9sOH<\/a><\/p>&mdash; Zhu Su \ud83d\udd3a (@zhusu) <a href=\"https:\/\/twitter.com\/zhusu\/status\/1480943506742935552?ref_src=twsrc%5Etfw\">January 11, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Almost all other coins, including <a href=\"https:\/\/tradersofcrypto.com\/news\/ethereum-eth-recovers-ahead-of-bitcoin-btc\/\">Ethereum (ETH) benefited from the BTC move<\/a>. ETH moved up above $3,300 and overnight gains of around 10% were not unusual for less liquid assets. The rally comes as a relief after several days of dipping prices.\u00a0<\/p>\n\n\n\n<p>The price moves at the start of the year are still raising the question of whether BTC and ETH will continue on track to new all-time highs, or if the year will see the evolution of a new long-term bear market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>BTC Taken Off Binance<\/strong><\/h3>\n\n\n\n<p>The latest price crash was followed by immediate notification of large <a href=\"https:\/\/tradersofcrypto.com\/exchanges\/binance\/\">withdrawals from Binance<\/a> and other exchanges. It is not unusual for BTC \u201cwhales\u201d to buy the dip and lock away the coins for storage outside exchange wallets.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Morning update:<br><br>First, large withdrawals started to take place. Yesterday over 23,000 <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> left Binance in a single transaction\ud83d\udc40 This is extremely bullish as it shows that someone bought a lot of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> during the dip. Those coins are now in safe hands I would say\ud83d\ude09 <a href=\"https:\/\/t.co\/e6muCOrbP2\">pic.twitter.com\/e6muCOrbP2<\/a><\/p>&mdash; Anonymous \ud83c\udf16 (@crypto_mystery) <a href=\"https:\/\/twitter.com\/crypto_mystery\/status\/1481156032491569152?ref_src=twsrc%5Etfw\">January 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Withdrawal and buying, however, does not exclude some selling near top prices, as big traders realize gains. At the same time, derivative markets still trigger price moves, usually attacking crowded trades to create a cascade of liquidations. A period of growing leveraged positions is seen as a warning to rapid price moves that will liquidate longs or shorts.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>BTC Lucky Miner Discovers Block<\/strong><\/h3>\n\n\n\n<p>In a highly unusual event of luck, a solo miner managed to discover a new block header number. The feat was performed despite the near peak levels of Bitcoin network mining.&nbsp;<\/p>\n\n\n\n<p>Discovering a block header number, also known as \u201cmining a block\u201d is a mix of computational power and luck. Usually, pools have higher probability of discovering a block.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A solo <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a> miner with 126 TH\/s has successfully mined a block. The miner earned the block reward of 6.25 BTC + 0.1 BTC in fees currently worth a total of $272,000<br><br>The chances of this are:<br><br>Chance per block: 1 in 1,442,301<br>Chance per day: 1 in 10,016<br>Time estimate: 27 years <a href=\"https:\/\/t.co\/zUKgNT5Uly\">pic.twitter.com\/zUKgNT5Uly<\/a><\/p>&mdash; BTC Times (@btc) <a href=\"https:\/\/twitter.com\/btc\/status\/1481006972258471945?ref_src=twsrc%5Etfw\">January 11, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>The miner beat the odds and gained the 6.25 BTC block reward, showing hashrate is not the sole estimate of probability when mining a coin. The event happened despite the climbing difficulty of the Bitcoin network, which has not been lowered since August 2021.&nbsp;<\/p>\n\n\n\n<p>Miners are also one of the most loyal BTC holders, further increasing physical coin scarcity. Miner balances keep accruing, as they only need to sell a fraction of their BTC to cover electricity costs.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">\ud83d\udcc8 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> Miners&#39; Balance just reached a 1-year high of 1,825,977.952<br><br>Previous 1-year high of 1,825,934.030 was observed on 11 January 2022<br><br>View metric:<a href=\"https:\/\/t.co\/cHhwgaCLee\">https:\/\/t.co\/cHhwgaCLee<\/a> <a href=\"https:\/\/t.co\/OpCrpS1l5D\">pic.twitter.com\/OpCrpS1l5D<\/a><\/p>&mdash; glassnode alerts (@glassnodealerts) <a href=\"https:\/\/twitter.com\/glassnodealerts\/status\/1481102541857378305?ref_src=twsrc%5Etfw\">January 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>For about three more years, miners will still produce around 900 new coins per day, and the next block reward cut will be more significant. The Bitcoin network has already produced more than 90% of all BTC in circulation, of which as much as 3M coins are considered to be locked forever, probably never moving to the market.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>What is the Next Step<\/strong> <strong>for BTC<\/strong><\/h3>\n\n\n\n<p>The recovery of BTC above $43,000 raised some questions on the next potential jumps. One of the predictions is a recovery above $47,000.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> closed somewhat promising here. With a bit of luck (as in no disturbing factors outside the crypto market), this is a potential setup for recovery into 47000 USD region on days. Also, if you have what it takes, you can still apply for pro TA job here: <a href=\"https:\/\/t.co\/xJh3bAlMsz\">https:\/\/t.co\/xJh3bAlMsz<\/a> <a href=\"https:\/\/t.co\/VsSgS0yDE2\">pic.twitter.com\/VsSgS0yDE2<\/a><\/p>&mdash; CRYPTO\u20bfIRB (@crypto_birb) <a href=\"https:\/\/twitter.com\/crypto_birb\/status\/1481059542431670273?ref_src=twsrc%5Etfw\">January 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Sentiment remains shaky, still solidly in fear territory. The Crypto Fear and Greed Index slid slightly to 22 points, as the recovery was still uncertain.&nbsp;<\/p>\n\n\n\n<p>BTC is also slowly regaining trading volumes closer to $30B per day after the latest price slide happened on subdued trading activity. Immediate predictions also allow for a hike to $44,000 before a more significant attempt to get closer to the $50,000 range.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">As per all the on chain indicators it seems <a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> should hold the 44K price until Friday, After which we could see price moving higher towards 50K. We should consolidate now for couple of days. Some <a href=\"https:\/\/twitter.com\/search?q=%24ALTS&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ALTS<\/a> may move big during this time. <a href=\"https:\/\/t.co\/i5B5nLqEP2\">pic.twitter.com\/i5B5nLqEP2<\/a><\/p>&mdash; destinykid (@destinykid_18) <a href=\"https:\/\/twitter.com\/destinykid_18\/status\/1481278108137406465?ref_src=twsrc%5Etfw\">January 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Liquidations Affect Short Positions<\/strong><\/h3>\n\n\n\n<p>The sudden rally liquidated more than $19M equivalent in BTC positions, in most cases affecting short positions. The liquidation event is not unusual at times when BTC adds thousands of dollars in hours.&nbsp;<\/p>\n\n\n\n<p>At the same time, altcoin recoveries continue to go faster, and the BTC market cap dominance is still around 39.9%. ETH market cap dominance also slid to 19.3%, giving more influence to the collection of smaller altcoins.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Bitcoin Developers Set Up Litigation Fund<\/strong><\/h3>\n\n\n\n<p>The core developers of the Bitcoin network have set up a litigation fund, to offer support in cases of attacks through lawsuits.&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Bitcoin Legal Defense Fund<a href=\"https:\/\/twitter.com\/jack?ref_src=twsrc%5Etfw\">@jack<\/a> <a href=\"https:\/\/twitter.com\/morcosa?ref_src=twsrc%5Etfw\">@morcosa<\/a> and Martin White announce the launch of the fund on the bitcoin dev list.<br><br>&quot;The main purpose of this Fund is to defend developers from lawsuits regarding their activities in the Bitcoin ecosystem&quot; <a href=\"https:\/\/t.co\/PktFD7UDoG\">pic.twitter.com\/PktFD7UDoG<\/a><\/p>&mdash; BTC Times (@btc) <a href=\"https:\/\/twitter.com\/btc\/status\/1481073923504623616?ref_src=twsrc%5Etfw\">January 12, 2022<\/a><\/blockquote><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>With uncertainties on how the Bitcoin protocol should evolve, conflicts are not unusual among developers. Even the personality of Satoshi Nakamoto remains a contentious issue that has led to protracted lawsuits.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) looks at a recovery to $44,000 before eventually regaining a climbing trend.<\/p>\n","protected":false},"author":3,"featured_media":1839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[23,12,141,6],"class_list":["post-1838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorised","tag-binance","tag-btc","tag-crash","tag-eth","entry"],"_links":{"self":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/comments?post=1838"}],"version-history":[{"count":0,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/posts\/1838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media\/1839"}],"wp:attachment":[{"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/media?parent=1838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/categories?post=1838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradersofcrypto.com\/news\/wp-json\/wp\/v2\/tags?post=1838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}