Search
Search
Bitcoin Whales Accumulate More: Latest Data Analysis

Big Bitcoin Investors (Whales) Accumulating More: Analyzing the Latest Data

0
0

242 Listen to this article Despite recent surges, Bitcoin’s current state suggests it’s not as overheated as prior bull markets, […]

Latest News

Listen to this article

Despite recent surges, Bitcoin’s current state suggests it’s not as overheated as prior bull markets, as on-chain data hints at significant accumulation by Bitcoin whales. Renowned crypto analyst Ali reports that over the last five days, Bitcoin whales have acquired more than 30,000 BTC, totaling approximately $1 billion.

Boost from ETF Applications

The catalyst behind this heightened interest in Bitcoin is the growing anticipation of Bitcoin spot ETF applications. This trend is becoming more pronounced among both institutional investors and whales, as indicated by data from Into The Block, a blockchain analytics platform. The surge in institutional activity coincides with a significant increase in the number of transactions worth more than $100,000 on the Bitcoin blockchain, marking a new peak for 2023.

Large Transactions Surge

The surge in large transactions, those exceeding $100,000, commenced after the filing of Blackrock’s ETF application and has now surpassed this benchmark as Bitcoin reaches new yearly highs.

Bitcoin’s Recent Performance

Recently, Bitcoin briefly surpassed the $35,000 mark for the first time since May 2022. Over the past seven days, BTC has witnessed a 14.44% increase, eventually stabilizing at around $34,253 after hitting its yearly high of $35,157, although it failed to breach this crucial price level.

What’s next?

 In 2023, Bitcoin has already demonstrated impressive performance, with gains exceeding 100%. These indicators suggest that Bitcoin might be in the early stages of a bull market. Furthermore, not only are cyclical patterns aligning favorably for Bitcoin, but short-term activity is also intensifying. Nevertheless, the Bitcoin market value to realized value (MVRV) ratio indicates that Bitcoin is not yet as overheated as it was during previous bull markets.

Read Also:  Bitcoin News : Shibarium Cryptocurrency Based on Shiba Inu Likely to go live soon in August

Potential Resistance and Support Levels

Historically, Bitcoin bull markets have peaked when the MVRV ratio reached 300% or more. The current MVRV ratio stands at 150%, implying that there may be more room for the bull market to continue. The next significant resistance level for Bitcoin is the recent high of $35,000. If this level is successfully breached, the next target could be in the range of $38,000 to $39,000, particularly considering that 333,000 BTC was purchased around that price point.

However, it’s essential to consider the possibility of a correction. In such an event, strong support is expected to be found near the $30,000 mark, indicating that the market has developed a robust foothold in that range.

Top Recommended Articles

0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

0
Would love your thoughts, please comment.x
()
x
Scroll to Top
Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase Tether’s TON Blockchain Entry Reaches $60M: CEO Content SHIB News: 700M Tokens Burned, Shiba Inu Targets $0.00004 Polkadot Relay Chain Upgrade Plan and 10M DOT Prize Initiative TON Network Surpasses $140M TVL as Toncoin Price Skyrockets Bitcoin Falls Below $60,000 After Israel’s Strike on Iran Ragnarok Joins Web3 via Ronin and Gravity Collaboration Worldcoin Announces “Human Centric” Blockchain: World Chain Dubai Flood Spurs Blockchain Life 2024 Airdrop ZachXBT Reveals Frauds on Ethereum Layer-2 Networks Winklevoss Twins Invest $4.5M BTC in Bitcoin Soccer Club VeChain and UFC Unveil Tokenized Gloves Collaboration Web3 Credentials Platform Galxe Goes Live with Mainnet Launch El Salvador’s Newest Hilton Leverages Tokenized Bitcoin Debt