Why whales won't allow BTC prices to fall below $17,000

Large investors, often called "whales", who bought Bitcoin above $17,000, are not interested incryptocurrency falls below this level.

This conclusion was reached by researchers from the team WhaleMap, which tracks the activity of large Bitcoin holders (BTC).

Their report states that«whales» purchased cryptocurrency at the levels of $17,783 and $17,651Accordingly, they will try to prevent bitcoin from sagging below the above values, so as not to incur market losses.

</p>

On Saturday, November 21, BTC is trading at $18,500.Over the past 24 hours, the capitalization of the largest cryptocurrency increased to $336.706 billion.Analysts also pointed to the high value of the $18,500 mark.At this level, a key resistance is expected, breaking through which, BTC will openway to $20,000.

Trader Edward Morra also believes that the fallbelow $17,000 &#8212; This is an extremely undesirable scenario for &#171;whales&#187;. This is why the purchasing activity of large investors is increasing on the Coinbase and Bitfinex platforms. There is an increase in the number of buy orders above $17,200.

</p>

By placing orders to buy BTC above $17,200, &#171;whales&#187; They are clearly making it clear that they are ready to support cryptocurrency.

Delphi Digital co-founder Kevin Kelly also drew attention to the activation of large investors. He stressed that capital inflows began to increase when Bitcoin exceeded $ 14,000.

This trend indicates the growing interest in cryptocurrency from large financial institutions. The expert also added that, unlike 2017, the market is now more mature.

Drawdowns on the way to new highs are inevitable, but overall the positive trend continues to dominate, Kelly said.

</p>

Rate this publication