Following a lackluster performance in recent weeks, Bitcoin appears to be seeing a steady recovery with its price now approaching the $100,000 price mark.
Particularly, so far, BTC has managed to regain some of the losses shedded in recent weeks with its price now hovering above $98,000, marking a 2.6% increase in the past 7 days.
Alongside this price movement, new data have emerged highlighting significant activity among large holders on exchanges, suggesting a shift in market dynamics.
Bitfinex Whales Show Increased Activity
A CryptoQuant analyst known as Mignolet has recently shared a detailed outlook on exchange whales and their influence on the current price action in Bitcoin. Mignolet’s observations focus on leverage ratios across major trading platforms. According to his analysis, the “all exchange leverage ratio” is at an all-time high.
This measure, which captures the amount of leverage being used on exchanges, reflects heightened activity that could precede significant price moves. Interestingly, while Binance has seen its leverage ratio drop back to levels last seen during last year’s consolidation phase, Bitfinex tells a different story.
On Bitfinex, leverage ratios have surged sharply, aligning with a rise in open interest. Mignolet highlights that this activity points to a sudden increase in whale movements within the ongoing consolidation range.
While these leverage ratios alone don’t guarantee a specific price direction, the sharp uptick on Bitfinex suggests a shift in market dynamics that bears watching.
According to the CryptoQuant analyst, the question now is: What are these whales aiming for? Mignolet’s analysis stops short of providing a definitive answer, but it raises the possibility of a major price shift soon.
With Bitcoin’s price holding steady above $98,000, the actions of these large-scale traders could influence whether the market breaks higher or retreats back into a more extended consolidation phase.
Bitcoin Encounters Potential Strong Support Zone
Meanwhile, Bitcoin has continued to inch closer to the six-digit price mark which it recently fell below in the previous week. Although the asset is still roughly an 8.7% decrease away from its all-time high (ATH) above $109,000 established in January, it has managed to see an uptick in price in the past few days.
At the time of writing, Bitcoin trades at $98,091 marking a 1.2% increase in price over the past day. According to data from IntoTheBlock, the asset appears to be seeing a formation of a “massive demand zone just below the current price.”
IntoTheBlock highlighted that should the market face further downward pressure around this area, the zone may act as strong support.
A massive demand zone has formed just below the current price👇
On-chain data indicates that 2.76 million addresses acquired a total of 2.1 million $BTC at an average price of 97.1k, highlighting significant buying interest at this level.
If the market faces further downward… pic.twitter.com/ANm1kkXMtE
— IntoTheBlock (@intotheblock) February 21, 2025
Featured image created with DALL-E, Chart from TradingView
Samuel Edyme
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.
Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.
Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.
When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)
Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.
In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.
Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think’s probably unfeasible, I’ve done already a hundredfold.”
PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.
Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
