February 23, 2024

Bullish Signal – Bitcoin Whales on a 20,000 BTC Shopping Spree

BTC whales have started scooping the leading crypto again. That comes as the cryptocurrency market struggles with low-price momentums. Meanwhile, the picked-up pace by these large market players might mean impending actions for BTC.

BTC Whales Load their Bags

Santiment, an on-chain aggregator, confirmed that Bitcoin whales with 1K – 10K coins had accelerated their accumulation. These dip-pocketed individuals have added over 20,000 $BTC to their holdings within the past five days. That marked a significant accumulation trend.

Consequently, these whales control 4.57M BTC. That indicates more than 23% of Bitcoin’s overall supply, confirming that the accumulation might have influenced the revival of Bitcoins within the past two days.

The accumulation comes after these BTC whales recorded low activity. Bitcoinst stated that whale transfers dropped to 19% of all BTC transactions, suggesting fatigue by the large wallet market participants.

Nonetheless, the latest accumulation stats show long-term engagements by these whales. Also, it indicates a readiness to purchase at current price levels. That means large Bitcoin whales may trust the asset’s price has bottomed.

Will Bitcoin Continue Upside?

Bitcoin trades comfortably beyond $17K following late weekend rallies that pushed the leading crypto above a crucial technical mark. However, the current price action hovered near the 50d Moving Average ($17,212), putting BTC in an unwarranted position.

Such levels show the crypto’s price may swing in either direction. Moreover, they indicated that it would not require much to catalyze a tilt. So, more Bitcoin demand remains essential to extend the upside that large whales triggered. That may ensure a successful break past its 50-d Moving Average.

Meanwhile, declines beneath this mark will see Bitcoin heading toward the closest support of $16.6K. That might suggest a free will to surrender about $500 of BTC’s value. However, intensified momentum will push BTC to test the resistance of $17.5K before next week.

While publishing this blog, BTC traded at around $17,213, reflecting a 0.06% surge over the past 24 hours. The crypto gained 2.95% within the last seven days.

What are your opinions about BTC whales’ reactions lately? You can comment below.

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