Bitcoin whales still 'hibernating' as BTC price nears $21K

cointelegraph.com:

Bitcoin (BTC) hit $21,000 for the first time in several days on July 15 as markets enjoyed what one trader called "summer relief."

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD grinding higher overnight to just tap the $21,000 mark on Bitstamp on the day.

A noticeable change of tact had set in after initial losses on the back of forty-year highs for the United States' Consumer Price Index (CPI). Versus the July 13 lows, BTC/USD was thus up 11%.

"Summer relief time," Cointelegraph contributor Michaël van de Poppe summarized.

Popular trader Crypto Tony was also in the mood for modest optimism on short timeframes, eyeing a move to $21,700 for profit-taking.

$BTC / $USD - Update Stuck hovering around the EQ currently of the range. I am still in my long and looking for a flip so we can push up to my final range target of $21,700 Invalidation point now $19,600 pic.twitter.com/Q8e0oy4UuV

"If we get this, then Alts can continue to enjoy a nice pump and relief rally," he added in a further tweet.

Many major altcoins had responded well to the uptick in BTC price action, with Ether (ETH) making a noticeable rebound to cap over 12% daily gains.

Others in the top ten cryptocurrencies by market cap also fared well, with only Solana (SOL) nonetheless managing to beat ETH over the past 24 hours.

ETH/USD thus succeeded in avoiding a return below the psychologically significant $1,000 level.

Meanwhile, on-chain data suggested that the largest Bitcoin hodlers were in no mood to act at current prices.

Related: Bitcoin price spikes to $20K as whale-bought BTC confirms support

In a Twitter thread on July 14, BlockTrends analyst Caue Oliveira highlighted what he described as "hibernation" continuing among whale wallets.

"Whales remain