Bitcoin rally set to continue after BTC whales build buy walls near $17.2K

According to analysis from Edward Morra, a popular Bitcoin trader, Coinbase and Bitfinex exchange now have major buy orders above $17,200.

The emergence of major buy walls is important because on Nov. 18, BTC flash crashed to around $17,222.

Prior to the intraday recovery of Bitcoin from $17,340 to $18,000, whales on Bitfinex were placing sell orders.

Analysts at Whalemap track Bitcoin whale activity by identifying clusters and they said $17,783 and $17,651 have formed as clusters.

These 'whale clusters' emerge when large Bitcoin holders purchase BTC at a certain price point and do not move those funds elsewhere.

If whale clusters form at $17,783 and $17,651, it shows that whales bought at those levels and are holding onto their investment.

Kevin Kelly, the co-founder and head of global macro at Delphi Digital, emphasized that Bitcoin is on track to mark the first monthly candle close above $14,000.

Even during the run-up towards the record high in 2017, Bitcoin struggled to maintain stable high time frame price action.

Based on the trend and many other factors, Kelly noted stated Bitcoin is maturing.

Across major Bitcoin exchanges, large buy walls are starting to emerge.