Bitcoin (BTC) seems to have carved a local top in the $44,000 price zone, while on-chain whale activity hints at distribution.
Notably, a whale-alert Telegram bot has been constantly triggered for massive Bitcoin inflows in centralized exchanges. Onchain Edge first reported these alerts on CryptoQuant on December 22, suggesting a local BTC top.
In particular, three whale alerts on December 11, 20, and 22 show the Bitcoin mean inflow on all exchanges surging above 15 BTC. Each registered mean was 26.96 BTC, 15.56 BTC, and 18.15 BTC, respectively.
All-exchange BTC inflow means – Whale alerts on Telegram. Source: Onchain Edge
On another chart, Onchain Edge illustrates how each Bitcoin exchange inflow (mean) surge happened right after a price pump. Interestingly, a local top formation follows these in the aforementioned $44,000 zone.
All-exchange BTC inflow (mean) chart vs. Bitcoin’s price. Source: Onchain Edge
Bitcoin (BTC) price analysis amid whale alerts
Meanwhile, Bitcoin is trading at $43.721 by press time on December 23, back in a solid price range. BTC entered this range on December 5 for the first time since April 2022, despite losing it back on December 11.
Coincidently, the range was lost within the first reported whale alert of a mean inflow of 26.98 BTC in all exchanges. Nevertheless, Bitcoin retested the range support at around $42,800 a few times before successfully re-entering it on December 20 – the second whale alert.
BTC/USD 4-hour price chart. Source: TradingView
All things considered, the leading cryptocurrency faces a decisive moment after this third whale alert. The mean inflow of 18.15 BTC in all exchanges could settle another relevant price action within this range, which is currently topped at $44,729.
However, further developments will decide whether it will be a bullish or bearish trend. It is important to note that Bitcoin is currently showing strong momentum on the Relative Strength Index (RSI). Suggesting that BTC could rise even with whales taking profits and distributing on the coming demand.
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