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Bitcoin is undergoing a correction following yesterday's rapid surge to the $110,500 area, while Ethereum remains vibrant—having gained over 6% yesterday and currently trading at $2,785.
Given such a strong market rally, it's no surprise that long-term holders continue accumulating BTC. According to Glassnode data, the number of coins whales hold has reached a record high of 14.46 million. This metric underscores the confidence of large investors in Bitcoin's future, viewing it not as a speculative asset but as a long-term store of value. This trend signals a shift from short-term volatility to a more stable and sustainable market development—something Bitcoin needs to resume a new bullish trend.
Whales' influence on the crypto market is undeniable. Their large transactions can significantly impact BTC's price. However, their long-term holding strategy signals adherence to a "HODL" paradigm over active trading, indicating trust in Bitcoin's fundamentals and growth potential. The growing number of coins whales hold also suggests that BTC is increasingly seen as a mature asset capable of weathering market swings and delivering long-term gains. This attracts new institutional investors who prioritize stability and reliability in investment decisions.
Overall, the increase in BTC held by whales is a positive signal for the crypto market. It reflects growing trust in Bitcoin as a long-term asset and suggests continued development and market stability. This trend strengthens BTC's position as the crypto industry's leader and confirms its potential as an alternative to traditional financial instruments.
I will continue to rely on major pullbacks in Bitcoin and Ethereum to enter positions in anticipation of continued medium-term bullish market development.
As for short-term trading, the strategy and conditions are described below.
Scenario #1: Buy BTC today upon reaching the entry point near $109,800 with a target of $111,000. Exit long positions near $111,000 and initiate shorts on the pullback.
Condition: The 50-day moving average must be below the current price, and the Awesome Oscillator should be in the positive zone.
Scenario #2: Buy BTC from the lower boundary at $109,200, assuming no market reaction to a breakout below. Look for a reversal back to $109,800 and $111,000.
Scenario #1: Sell BTC today upon reaching the entry point near $109,200, targeting a decline to $108,100. Exit shorts at $108,100 and consider buying the rebound.
Condition: The 50-day moving average must be above the current price, and the Awesome Oscillator should be in the negative zone.
Scenario #2: Sell BTC from the upper boundary at $109,800, assuming no market reaction to a breakout above—target levels: $109,200 and $108,100.
Scenario #1: Buy ETH today upon reaching the entry point at $2,806, aiming for a rise to $2,877. Exit at $2,877 and initiate shorts on the pullback.
Condition: The 50-day moving average must be below the current price, and the Awesome Oscillator should be above zero.
Scenario #2: Buy ETH from the lower boundary at $2,768, assuming no downside breakout reaction. Look for upward movement to $2,806 and $2,877.
Scenario #1: Sell ETH today upon reaching the entry point at $2,768, targeting a decline to $2,694. Exit shorts at $2,694 and consider long positions on the bounce.
Condition: The 50-day moving average must be above the current price, and the Awesome Oscillator should be below zero.
Scenario #2: Sell ETH from the upper boundary at $2,806, assuming no bullish breakout—target pullbacks to $2,768 and $2,694.
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