The next hike in the price of Bitcoin above 30,000 was short-lived. After BTC/USD rose above 30,000 and 31,000 within 4 hours, analysts considered the movement of the BTC/USD pair above 32,000. But the situation quickly changed, and we are seeing another scenario when the BTC/USD pair quickly rises and approaches 32,000, and then is also descending below 30,000. During few hours, the BTC/USD pair has fallen below 30,000 again. At the time of publication the BTC/USD pair is trading in the 29,550 area.
This situation once again showed that the level of 32,000 remains irresistible for the BTC/USD pair. As the BTC/USD pair rises above 30,000, the pressure increases, which ultimately provokes a sharp decline in the price of Bitcoin.
The bears were trying to bring the BTC/USD pair down to the 29,350 support area. They did not succeed. If they managed to do this, we would see the price drop to the level of 29,000. And the breakdown of this level would send the BTC/USD pair to the 28,500 area.
However, in the current situation, the BTC/USD pair is struggling to rise above the nearest resistance at 29,600. A move above this level will allow the pair to approach the 30,000 mark and even rise higher. However, then the BTC/USD pair will face resistance at around 30,500.
If such bidirectional movements in the price of Bitcoin make small investors nervous, then large investors benefit from such situations. During the month, the whales managed to accumulate a significant amount of coins, according to Santiment. Now the whales (these wallets consist of the wallets of exchanges and large investors) have 12% of Bitcoins from their total supply. Since the beginning of the year they have increased their reserves by 12.8%.