Last week, a big number of whales, or Bitcoin purchasers, drove up the unit price to US $ 31-40 thousand per BTC.
This is based on a survey conducted by the business Santiment on Sunday, May 30, 2021. According to them, a number of customers picked up Bitcoin for an average of 30 thousand BTC at prices ranging from US $ 31-40 thousand per BTC.
However, the drain was not strong enough to push the price of Bitcoin above US $ 42 thousand.
Even severe repulsions developed in the $40,000 range.
Bitcoin is now trading around the US $ 35,900 per BTC level on Sunday afternoon.
" #Bitcoin is at $35.4k after another mild drop-off over the past day. But the key $BTC millionaire bracket that we track has seen a mild uptick in holdings. Addresses with 100 to 10,000 $BTC have accumulated approximately 30k more $BTC this past week. " Santimen said On twiter.
At the 6-hour time frame, the Reversed Head and Shoulder pattern is starting to form.
If the pattern persists, Bitcoin may face more resistance on the 200 Moving Average and may retest multiple critical levels between US $ 40k and US $ 50,000.
However, traders should be mindful of a steep downturn, with substantial corrections repeated before May 19, 2021, on wider timeframes, especially daily and weekly.