Bitcoin (BTC) left both long and short traders behind in May and June, but data suggests it may be “easier” to trade than many think.

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According to Whalemap, an online analytics resource, bitcoin whales have practically dictated the behavior of the market in recent weeks.

Whales help keep Bitcoin at $30,000

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AT fresh analysis Published on June 7, Whalemap researchers showed that the local highs and lows of BTC/USD coincided with areas of increased whale activity.

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When the largest bitcoin wallets decide to buy or sell, the price reacts accordingly. Thus, for those who want to reduce risk by trading on short timeframes, it may be sufficient to act according to popular whale levels.

“Could it be easier than that?” Whalemap is summarized in part of the Twitter post.

Annotated bitcoin whale wallet inflow chart. Source: Whalemap/Twitter

As Cryptooshala reported, some whales are more interesting than others. Over the past week, one such entity on Binance has contributed to Bitcoin’s narrow trading range through a series of buys and sells.

“This Binance Whale has marked every local top/bottom in the last two weeks,” a popular analyst at Credible Crypto. added in new Twitter comments on June 8th.

“I watched him come and go. Accumulation on the lows, capping the price on the highs. Most recently, 2000 BTC (60 million) were filled at local lows at 29.2 thousand before the pump that we are seeing now.”

This “pump”, as earlier this week, was short-lived: BTC/USD stabilized and then reversed, losing almost all the profits from its initial uptrend, data from Cryptooshala Markets Pro and trade view shows.

Hourly candlestick chart BTC/USD (Bitstamp). Source: Trading View

‘Annoying’ Stock Correlation Continues to Put Pressure on BTC

Meanwhile, beyond internal factors, there is little optimism about inflationary macroeconomic conditions favoring the strengthening of cryptocurrencies.

BTC price records the longest losing streak in history – 5 things to know about bitcoin this week

While the whales keep prices in a range, Bitcoin’s correlation with the stock markets is also frustrating for traders.

Stocks themselves are unlikely to feel any relief in the short term, commentator Bob Lucas acknowledged on June 7 as monetary tightening around the world picks up pace.

“Still don’t see a macro catalyst (yet) for stock bottoms. As stated earlier, it looks like a cyclical bear market that needs more time,” he said. said.

“Price action on the cyclical front is confirmed, moving on to the summer months. The weight was underweight for a while, glad to be wrong. There will be no sharp rally.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect those of Every investment and trading step involves risk, you should do your own research when making a decision.