, Bitcoin’s current price level indicated significant accumulation to support the slight upside. This was especially compared to its current monthly low. It particularly demonstrated some resilience above the $17,000 price level.But why has the price gone up despite lower participation by the whales? A potential explanation could be that retail traders have been aggressively accumulating BTC.
In other words, the buy pressure outmatched the prevailing sell pressure. This explained why BTC managed to stay above $17,000 in the last few days.In addition, the lack of more downside may have been backed by the fact that exchange balances haven’t increased. Instead, the balance of Bitcoin on exchanges still stood within its monthly lows. This was confirmation around the absence of significant sell pressure to support more downside thanks to strong retail demand.
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