Whales Bet Big on Bitcoin: Is This the Perfect Buy Opportunity?

Whales' increased deposits in Bitcoin futures markets hint at a potential buy opportunity, with market sentiment turning bullish.

Rising Deposits in Bitcoin Futures Markets

If the behavior of whales is any indication, the Bitcoin (BTC) price bottom may have already occurred. Reviews from the CryptoQuant community (via U.Today) indicate that the increasing number of deposits into centralized Bitcoin futures markets is usually a bullish indication for the orange coin.

A possible indicator of possible interest from Bitcoin (BTC) whales is the increase in the volume of aggregated deposits to futures markets in recent periods. According to CryptoQuant analyst @mignoletkr, this particular mix of circumstances has historically opened doors for futures whales to open Bitcoin long positions.

In addition, he emphasized that the futures exchange funding rates have become negative and that the Bitcoin (BTC) market sentiment is characterized by anxiety.

Fear and Greed Index Moves to Neutral

With a two-day jump from 25/100 to 52/100, Bitcoin (BTC) bulls finally succeeded in returning the "Fear and Greed" index to the neutral zone after weeks of resistance.

In addition, Mignolet showed his 32,700 X followers that such depositor activity had caused the price of Bitcoin to increase seven times in the past six years.

Another professional trader, @kshitizkapoor_, who works with him, pointed out additional bullish catalysts that made bullish sentiment seem more widespread. He pointed out that Bitcoin's (BTC) price remained over $60,000 even as a positive divergence formed on the relative strength index (RSI) chart.

Coinbase Premium Gap Shows Upward Trend

In addition, the 200-day moving average (DMA) is trading higher than Bitcoin's (BTC) price, which macro traders usually view as a "bullish" zone.

Finally, bulls have shown their interest in the Coinbase Premium Gap's recent surge. According to the numbers, the indicator has been steadily rising over the past week, establishing a distinct upward trend.

TokenPost | [email protected]