According to data from Santiment, the price of Bitcoin increased by about 35 percent in January after whales accumulated BTC.
After numerous attempts for Bitcoin price to break above the psychological resistance level of $30,000 27,000 fixed around the dollar. This could be an opportunity for the crypto asset that appears to be entering the consolidation phase.
Whales Keep Accumulating BTC
Key whale addresses have been accumulating BTC for the past five weeks as the world’s largest crypto-asset falls into recession.
During this time, whales holding 1,000 to 10,000 BTC totaled 84,897 BTC accumulated. These accumulated BTCs are estimated to be worth about $2.3 billion at today’s prices. This move by whales shows that investors are considering the recent recession in price action as a buying opportunity.
analysis company K33previously, referring to the similarity of BTC price to the rise of early 2019, 45,000He had estimated that there was a chance of peaking around the dollar.
In these days when we come to the middle of May, Bitcoin has not yet 30,000 The dollar has not been able to break the resistance level. However, there is another factor that could potentially act as a catalyst. This factor stands out as the large number of Bitcoin movements in crypto exchanges.
Analyst Ali Martinez observed that over 20,000 BTC have been moved from these platforms in the last 24 hours. According to Martinez, this move shows that investors expect the price to rise.
While short-term prospects for Bitcoin look negative, long-term on-chain indicators point to bullish developments. BitfinexAs stated in the latest report of , the current price movements are similar to the early stages of previous bull markets.
