As usual around lunchtime, we take a look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at what we can learn from whale trades, the implications of correlation, and which Bitcoin prices investors are watching right now.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price and prices top 25 crypto coins flat
We see at the time of writing that the live Bitcoin price is EUR 36,819.01 ($39,890.05). this is 0.58% lower than yesterday around the same time and also lower than during our Bitcoin update yesterday.
Calm also seems to have returned to the prices of the top 25 crypto. We see many results between + and – 1%, but there are both bullish and bearish exceptions. The biggest loss of the day so far is at -4.07% for Near Protocol (NEAR). Shiba Inu (SHIB) is posting the biggest gain so far at +13.03%. Of course, you can analyze all live crypto prices on the Tradeincrypto.com site 24 hours a day.
How are Bitcoin whales reacting to the price correction?
One of the groups of investors that other investors often follow to gauge the sentiment around Bitcoin is the group of large-cap stocks, also known as whales. If we look at the Bitcoin whale transactions we see that there has been increasing activity in recent times. The Bitcoin whales made over 4,000 transactions in a week. With other crypto currencies, we also see that whales continue to buy.
This is often seen as bullish sentiment for 2 reasons:
First, the fact that whales are buying and transferring the coins from the exchange to private wallets reduces inventory on the exchanges. Scarcity means price rise.
Second, by buying and holding the crypto, the major owners show that they are speculating on coming price increases.
In the statistic below from Santiment, you can see the whales activity clearly in the picture.
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#Bitcoin is seeing a continued steady supply of ~4,000 whale transactions exceeding $1M+ Monday through Friday, with mild slowdowns on weekends. Large increases are what we are looking out for to foreshadow a price bounce after April’s retrace. https://t.co/GVhqxEWqf1 pic.twitter.com/uLQxu1C3RK
– Santiment (@santimentfeed) April 13, 2022
BTC correlation with S&P 500 cause for concern?
The price development of Bitcoin is often compared to price developments of other investments such as gold, oil, stocks, currencies, etc. As the Bitcoin price moves more in the same line as another investment one speaks of increasing correlation. Where in the past a high correlation between gold and Bitcoin could be seen, we now see that correlation shifting.
Due to the influence of institutional investors, the Bitcoin price is increasingly correlated with the S&P 500. As these charts show, the correlation is currently almost complete.
With this, one might conclude that this is a worrisome development, as tech stocks are volatile. Yet experts think otherwise. As we saw in the past, the correlation between the Bitcoin price and other investments can change. Experts think this will happen when stocks suffer heavy losses, for example, due to inflation. One reason for this is that in the Bitcoin system there is little to no room for inflation.
What Bitcoin prices are the experts following now?
At the moment, the correction of the past few days seems to have been inhibited. Of course, the question is what are the experts looking at to estimate the development of the Bitcoin price now that there is calm in the market?
Due to the recent price declines, the Bitcoin price is again playing with a long-term consolidation phase between $30,000.00 and $40,000.00. In doing so, there are several support levels around the current price. For example, the first level can already be found at $39,600.
Then there is a support level at the simple moving average over 600 days. This support line has not been broken bearish since the covid crash. This level lies at $39,250. Below that, at $38,600, there is a third support level which is formed by buy orders from whales.
Thus, there seems to be limited room for further price decline. A recovery of the Bitcoin price in the short term is therefore realistic. Here the resistance levels are at $40,000.00, $42,000.00 and $45,500.00. This would be a nice path to fulfill all expectations based on the many bull signals. Of course, we will continue to monitor the situation and also report during and around Easter.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”