The Bitcoin BTCUSD price bottom might already be in, whales’ activity suggests. More and more deposits are entering centralized BTC futures exchanges, which is typically a bullish signal for the orange coin, CryptoQuant community analysts say in their reviews.
Bitcoin BTCUSD whales might be back to buying, CryptoQuant data shows
The amount of aggregated deposits to futures exchanges has increased in recent periods, which might be a signal for potential interest from Bitcoin BTCUSD whales. Typically, this combination of factors has unlocked good opportunities for futures whales to open BTC longs, CryptoQuant analyst Mignolet (@mignoletkr in X) noted in his review.
It’s time for futures whales to open long positions
“In the past, during such periods, #Bitcoin deposits to futures exchanges increased, and the price actually rose.” – By @mignoletkr
Full post 👇https://t.co/dtLbMJBBA0 pic.twitter.com/E3XhhrzP9G— CryptoQuant.com (@cryptoquant_com) July 15, 2024
He also stressed that Bitcoin BTCUSD market sentiment is filled with fear, while the funding rates on futures exchanges have turned negative.
In the last two days and for the first time in weeks, Bitcoin BTCUSD bulls managed to push the “Fear and Greed” index back to the neutral zone: it spiked from 25/100 to 52/100 in just two days.
Also, in a report for his 32,700 followers on X, Mignolet demonstrated that in the last six years, such activity by depositors has resulted in a BTC price upsurge at least seven times.
His colleague, certified trader Kapoor Kshitiz, indicated other bullish catalysts that make the entire situation look more optimistic for bulls. Bitcoin BTCUSD, he noted, managed to stay above the critical level of $60,000 while a bullish devergence occured on the RSI chart.
