The $ 13K whale cluster is now a support zone

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

Whale clusters form when a large number of BTC is transferred to a new address and BTC is not spent. This indicates that the whales have bought or transferred their BTC to other whales, signifying the buyer’s question.

A large cluster of whales emerged at the $ 13,000 level, which could morph into a key support level.

A graph of Bitcoin whale clusters. Source: Whalemap

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

Bitcoin’s ongoing rally has been different from previous bullish trends as it is considered more sustainable.

Bitcoin began to rise and gain momentum from 23 September. Since then, it has repeated the rally pattern and then consolidated, establishing clear support levels.

On September 23, BTC initially moved from $ 10,200 to $ 10,600, then consolidated. The rally began again on October 8 to $ 11,700, then stabilized at $ 11,400 for a few days. Then, on October 19, it started growing again.