Cryptocurrency Market Analysis by Alphractal

Cryptocurrency analysis firm Alphractal and its CEO Joao Wedson have shared a remarkable analysis of Bitcoin’s (BTC) recent market movements.

The evaluations reveal that large investors, referred to as “whales”, have once again aggressively switched to the buying side of the market.

According to Alphractal’s data, Bitcoin’s 7-day Open Position Delta value has turned positive. This development indicates that whale investors are opening more positions in anticipation of a price rise. The “Whale Position Sentiment” indicator used by the company confirms this trend.

CEO Joao Wedson notes that Bitcoin started forming a new support zone after reaching $108,000. He explained that this level indicates a base-forming process known as the “last support point” (LPS) in technical analysis and suggested that the $113,000 level could be targeted in the short term. He cautioned that short positions could be risky unless the price enters a long-term horizontal consolidation.

Additionally, miner behavior analysis indicated that the BTC.com mining pool has been the largest sender of BTC to Binance. However, there has been a significant decrease in this flow in recent months, suggesting that miners expect further price increases and that selling pressure has decreased, according to the analyst.

*This is not investment advice.