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Bitcoin Whales Amassed $2.3 Billion Worth of BTC in 5 Weeks: Data

AA News - Chayanika Deka 2023-05-17 19:00

Bitcoin’s price has steadied around $27,000 after numerous failed attempts to march above the psychological resistance level of $30,000. It appears the crypto-asset has entered a consolidation phase. But there may be an opportunity here.

Key whale addresses have been accumulating at a steady rate over the last five weeks as the world’s largest crypto asset hit stagnancy.

  • During the period, this cohort of market players –  holding between 1K to 10K BTC – accumulated a combined total of 84,897 BTC (worth about $2.3 billion at today’s prices).
  • Such a move indicates investors view the recent stagnancy in price movement as an opportunity to acquire more portions of the asset.
  • Bitcoin’s price jumped by nearly 35% in January when these whale addresses went into an accumulation mode, according to analytic firm, Santiment.

🐳 #Bitcoin‘s key large whale addresses tier has been on a steady accumulation run over the past 5 weeks, accumulating a combined 84,897 $BTC during this time while prices are stagnant. In their previous accumulation cycle in January, prices jumped +34.4%.

— Santiment (@santimentfeed) May 16, 2023

  • K33 had earlier speculated that there’s a chance of BTC peaking at around $45,000, citing the resemblance of its price trajectory to that of its early 2019 surge.
  • Halfway through the month already, the largest crypto-asset is yet to break its resistance level of $30,000. Nevertheless, there’s another factor that could potentially serve as a catalyst – the movement of a large number of bitcoins from crypto exchanges.
  • Prominent analyst Ali Martinez observed that more than 20,000 BTC have moved off these platforms over the last 24 hours, indicating that market players are anticipating the price to surge.
  • While the $45,000 prediction may not transpire this month, as short-term prospects for Bitcoin appear to be bleak, the long-term on-chain indicators, on the other hand, signaled bullish developments and resemble the early stages of the previous bull markets, as noted by Bitfinex’s recent report.

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