Crypto CurrencyNews

Bitcoin bull cycle gaining steam: Whale cluster at $13K is now a support zone

According to on-chain data from the analysts at Whalemap, $13,000 has become a support level for the price of Bitcoin (BTC). Whale clusters indicate that whales — or large BTC holders — are continuously accumulating.

Whale clusters form when a large number of BTC are transferred to a new address and the BTC is unspent. This indicates that whales either bought or transferred their BTC to other whales, signifying buyer demand.

A large whale cluster has emerged at the $13,000 level, which could turn into a key support level.

A chart of Bitcoin whale clusters. Source: Whalemap

Why a $13,000 support would be ideal for a Bitcoin rally

The ongoing rally of Bitcoin has been different from previous uptrends in that it is considered to be more sustainable.

Bitcoin started to rally and gain momentum from Sep. 23. Since then, it has repeated the pattern of rallying and then consolidating, establishing clear support levels.

On Sep. 23, BTC initially rallied from $10,200 to $10,600, then consolidated. The rally began once again on Oct. 8 up to $11,700, then stabilized at $11,400 for a few days. Then on Oct. 19, it started to rally again.