By Mark Ackman
On September 10, the price of Bitcoin started to move in the upward direction. The investors saw how the largest cryptocurrency in the crypto ecosystem was able to come close to overturning the resistance level from August.
Buys Levels Rose Significantly
On September 10, a huge spike was witnessed in the buying level of investors in Bitcoin. The buying activity went to the next level just as the whales entered the buying rally.
Right after entering the buying trend, the whales started to dictate the buying activity. This helped the trading price of Bitcoin to move higher.
Bitcoin Price to Close in on $21,671
According to data from TradingView, the trading price of Bitcoin (BTC) started to move into a higher zone. Bitcoin’s trading price managed to hit a new multi-week high price of $21,671.
On September 9, a short squeeze was witnessed for Bitcoin, which helped push the trading price of the digital asset to a higher mark.
On that particular day, Bitcoin witnessed a significant push, which was as low as 10%. However, the rally was achieved after the bulls had carried out plumbing of the lowest levels for Bitcoin.
It was since the end of June that a very alarming lowest level for Bitcoin had been formed. However, the lowest level has been lifted, which is a strong indication of Bitcoin’s significant push.
Data from Whalemap
Whalemap, a major on-chain monitoring resource for Bitcoin whale activities made an interesting revelation. It revealed that the whales had been carrying out clusters of buy-ins for Bitcoin.
The trend set by the whales helped push the trading price of Bitcoin into stronger territory.
Previously, the high-volume zone among the investors of Bitcoin was $19,000. Despite facing a downtrend, the price of Bitcoin hovered near the $19k mark.
At the time of writing, the strong support zones for Bitcoin among the whales are $16,000, and then it is $13,000.
Whale Support has increased the Lower Level
As the whales keep supporting the trading, the trading price of Bitcoin may continue to rise. At the time of writing, the trading price of Bitcoin is over the $20k barrier and it is hovering in the $21.5k zone.
As the situation currently is, the trend may keep picking up pace and Bitcoin may soon hit higher levels. The data suggests that the trading price of Bitcoin may soon hit the $21.7k barrier and may travel ahead of it.
As the trend continues becoming more and more bullish, the buying power of the investors may continue to rise. This would eventually push the trading price of Bitcoin all the way up to $23,000.