After Bitcoin (BTC) price suddenly dropped from around $18,500 to $17,200, some traders began to question whether a local top had formed but there are multiple factors that suggest the bull run is still intact.
Following the initial pullback, BTC continuously showed extreme volatility, demonstrating market uncertainty.
The four factors that show Bitcoin’s momentum remains strong are whale inflows, a strong market response, resilience above each whale cluster, and high open interest.
Whales are not selling large amounts of BTC
According to data from CryptoQuant, whales are not selling large amounts of BTC. This trend is noteworthy because Bitcoin is testing a heavy multiyear resistance level at $18,000.
Bitcoin exchange whale ratio. Source: CryptoQuant
Ki Young Ju, the CEO of CryptoQuant, said the Exchange Whale Ratio remains low. Given the relatively low selling pressure from whales, Ju said:
“Dear $BTC shorters, You can call me a moon boy, but unfortunately, there won’t be a mass-dumping like March this year. Exchange