Bitcoin Whales’ Entry Prices Create Market Resistance
- New Bitcoin whales have an average acquisition cost near $99,000.
- Current Bitcoin price is approximately $90,624, indicating unrealized losses for new whales.
- Long-term Bitcoin holders have an average acquisition cost of $39,681, operating within profit margins.
- The average holding cost on Binance is about $52,691, with many traders in profit.
- Miner whales hold Bitcoin at an average cost of $58,681, suggesting minimal selling pressure from this group.
If Bitcoin approaches the $99,000 level, new whale investors may sell to break even or minimize losses. This potential selling could create significant resistance at this price point due to increased downside pressure and reduced buying momentum.
The contrast between the entry prices of new and long-term whales suggests a structurally bullish outlook for Bitcoin as long-term holders remain in profit without pressure to sell. (Source)
