The bitcoin (BTC) price is consolidating in the $55,000 to $59,000 range, averaging a $50,000 region as a support zone. This trend coincides with the strengthening of the foundations of the chain, such as whaling and targeting.

Since the bitcoin rally began to accelerate in November 2020, the average active address has increased several times in seven days. The pseudonymous trader, known as Crypto Exchange, noted:

$BTC seven-day average against daily active addresses sideways as price action increases. An upward trend is stronger when it is supported by chain trends.

This shows that intra-chain trends complement the short and long term bitcoin price cycles.

Large whales don’t sell, they hoard bitcoins

According to Santiment, large Bitcoin whales in particular have been hoarding bitcoins, as more than 35,000 whales have exited BTC exchanges in the past 30 days. The recent outflow also pushed BTC’s foreign exchange reserves to their lowest level since early March, before BTC hit a new all-time high of over $60,000.

The trend towards large bitcoin addresses. Source: Feelings

Big whales aren’t selling BTC, data shows

The Santimental team wrote:

As you might expect, not all #Bitcoin whales behave in unison. However, we’ve seen some interesting trends in recent months, such as addresses in the $100-$1000BTC range that have been on the rise since the first quarter. February added another 353,000BTC, while addresses from 1,000 to 10,000 lost 300,000BTC.

The chart shows that between 1,000 and 10,000 BTC addresses were sold, but Whalemap analysts said that range is difficult to analyze.

This range may include exchange addresses that are not supported by most data collection platforms in the chain. So ideally, it would be more accurate to compare 100 BTC to 1,000 BTC, and then 10,000 BTC and above to holding addresses.

Analysts at Whalemap told Cointelegraph:

There is a lot of trading in the 1k-10k group, so that could be part of the reduced availability. Since these addresses are interchangeable, the best representation would be 10k+ BTC and 100-1000 BTC.

In addition, Glassnode researchers have found that older coins move more frequently during bull markets.

With long-term holders looking to sell, this is putting a lot of pressure on bitcoin sales. However, in the current phase of the cycle, the pace of movement of old BTC is well below 50% or where BTC has done better in previous cycles.

Glassnode researchers explain:

In bull markets, older coins tend to move more. This increases the relative supply of younger coins online. At previous $BTC peaks, about 50% of #Bitcoin offers were less than 6 months old. We are currently well below that level (36%).Bitcoin HODL Waves. Source: Glassnode

Big whales aren’t selling BTC, data shows

The uptrend will not change as long as support at $55,000 is maintained.

With the big whales hoarding bitcoin as the cryptocurrency consolidates between $55,000 and $59,000, the bullish trend remains intact despite a 10-year rise in US Treasury yields.

Binance BTC_USDT Order book vs. total volume Delta. Source: Material displays

Big whales aren’t selling BTC, data shows

As Cointelegraph reports, risk markets tend to suffer when 10-year government bond yields rise, especially in the short term.

For example, over the past two weeks, U.S. technology stocks have fallen sharply, coinciding with bitcoin stalling below $60,000.

However, with blockchain data remaining bullish for bitcoin, as long as the $55,000 support area remains protected, the bull market structure will increase the chances of a larger rally.

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