Within three days, the price of Bitcoin tried to rise above $45000 twice but unsuccessfully.The price bounced down from the high of 45200 to the area of 43300. With a drop below 44000, the pressure intensifies and Bitcoin risks fall to the support level around 43000. However, BTC price drop below $42000 is unlikely in the current cycle. Strong support has formed in this area. However, the big players, the so-called whales, may again put pressure on Bitcoin, as they did in early February.
The whales have been showing high activity since December 23, according to Santiment data. It was from the end of December that the price of Bitcoin began to decline. And within seven weeks, it dropped from $50000 to $35000. During this period, the whales purchased 220000 BTC. It is worth noting that this is the largest accumulation of Bitcoins since the beginning of autumn 2019. So, it is not difficult to guess who has become the main driver of the decline in the price of BTC. However, this decline was also supported by the miners to some extent. From the end of January to the beginning of February, Bitcoin miners sold off part of the mined cryptocurrency, which led to a rollback of the Bitcoin price below $40000.
Source:Santiment
Glassnode has already recorded the sale of Bitcoins by miners in September, November and at the turn of January-February. At the same time, most of the time, mining pools mostly saved up and refused to sell coins even during BTC price rallies. The September and November sales of Bitcoin by miners coincide with the bearish price cycles of Bitcoin.
Source:Glassnode
But in December-January, the pools mostly accumulated, which means that they did not cause the cryptocurrency to collapse from $55000 to $40000. They only played along with the whales in this case.
It is worth noting one more fact, the IntoTheBlock service, recorded the withdrawal of 64000 BTC from exchanges on January 29th. Just after that, there was a short-term jump in cryptocurrency. IntoTheBlock continues to record a decline in the Bitcoin exchange balance, which signals a possible new bullish rally in the near term.
