{"id":107883,"date":"2021-01-08T19:18:26","date_gmt":"2021-01-08T19:18:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107883"},"modified":"2021-01-08T19:18:26","modified_gmt":"2021-01-08T19:18:26","slug":"coinbase-whales-keep-buying-bitcoin-as-price-rockets-to-new-all-time-highs","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/coinbase-whales-keep-buying-bitcoin-as-price-rockets-to-new-all-time-highs\/","title":{"rendered":"Coinbase Whales Keep Buying Bitcoin as Price Rockets to New All-Time Highs"},"content":{"rendered":"<ul>\n<li>Bitcoin is in the process of consolidating after the cryptocurrency saw a push to all-time highs last night, which led it as high as $36,000<\/li>\n<li>This movement came about suddenly and was quite surprising, but it didn\u2019t last for long<\/li>\n<li>The rejection at these highs was not too grave, as BTC has been able to find some strong support within the lower-$34,000 region ever since<\/li>\n<li>There\u2019s a strong possibility that it will consolidate here, as altcoins are beginning to gain some massive momentum<\/li>\n<li>Because altcoins tend to rally while BTC consolidates or drifts lower during bull markets, there\u2019s a strong possibility that this pattern will boost ETH and other BTC peers<\/li>\n<li>One analyst explained that although Bitcoin is trading sideways, it is still seeing massive accumulation on platforms like Coinbase<\/li>\n<\/ul>\n<p>Bitcoin and the entire crypto market have witnessed heightened volatility as of late. BTC surged to fresh all-time highs overnight before facing some selling pressure that caused it to drift down towards $34,000.<\/p>\n<p>The crypto has been trading in this region ever since, which has allowed altcoins to gain some momentum.<\/p>\n<p>One analyst is noting that the benchmark crypto is still well-positioned to see upside, noting that Coinbase whales continue buying in massive quantities despite its relatively high prices.<\/p>\n<h2><strong>Bitcoin Consolidates Following Move to $36,000<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>At the time of writing, Bitcoin is trading up just under 1% at its current price of $34,300. This marks a decline from overnight highs of $36,000 that also happened to mark all-time highs.<\/p>\n<p>The mid-term market trends should depend largely on whether Bitcoin plows higher or consolidates from here, as altcoins are beginning to gain some independent momentum.<\/p>\n<p>If BTC sees another inflow of buying pressure that sends it rocketing higher, it could throw a wet towel on the momentum seen amongst large-cap altcoins.<\/p>\n<h2><strong>Whales Continue Buying BTC at a Rapid Pace<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Despite Bitcoin trading at relatively high prices, whales on Coinbase are still accumulating at an alarming pace.<\/p>\n<p>Analyst Joseph Young spoke about this in a recent tweet, explaining that the Coinbase premium is nearly $100 over Binance.<\/p>\n<blockquote>\n<p>\u201cThere is *HEAVY* accumulation of Bitcoin going on at Coinbase still. &#8211; Coinbase BTC premium is above $100 again compared to Binance &#8211; But another $100 million deposit to Bithumb was spotted. It&#8217;s a battle between U.S. high-net-worth buyers and Asia whale sellers.\u201d<\/p>\n<\/blockquote>\n<p>Where the market trends in the coming days will depend on Bitcoin and its continued reaction to the resistance in the mid-$30,000 region. Prolonged consolidation will likely prove bullish for altcoins.<\/p>\n<pre>Featured image from Unsplash.\nCharts from TradingView.<\/pre>\n<p>Source: <a href=\"https:\/\/bitcoinist.com\/coinbase-whales-keep-buying-bitcoin-as-price-rockets-to-new-all-time-highs\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin is in the process of consolidating<\/p>\n","protected":false},"author":3,"featured_media":107882,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase Whales Keep Buying Bitcoin as Price Rockets to New All-Time Highs - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/coinbase-whales-keep-buying-bitcoin-as-price-rockets-to-new-all-time-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase Whales Keep Buying Bitcoin as Price Rockets to New All-Time Highs - 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