Market Insights: Whale Addresses Add 140k BTC to Holdings
- Bitcoin is going rangebound between its Monday High and Monday Low.
- Bitcoin is currently experiencing a consolidation phase close to the 200-day moving average.
Santiment Feed’s recent tweet underlines an important facet of the cryptocurrency market: the significant increase in Bitcoin held in whale addresses. The data shown indicates that over the previous 10 days, these whale addresses—defined as those owning more than 10,000 BTC—have added 140,000 BTC to their holdings, bringing the total to almost 4.8 million BTC.
The tweet indicates that such a significant increase in whale holdings is often a bullish signal for the market, as it suggests that large investors are accumulating assets in anticipation of a future price increase. However, it’s worth noting that such movements can also create significant volatility, as the actions of large investors can have an outsized impact on the market.
Overall, the data presented in the tweet suggests that large investors are currently interested in accumulating Bitcoin, which could drive up the price in the coming weeks and months.
The presented chart is a 1-hour technical analysis of Bitcoin trading against USDT, revealing a bearish trend since the occurrence of the death cross on February 23, 2023. However, Bitcoin is now observed to be moving in a rangebound market with its price fluctuating between $23021.59 and $24005.83, after experiencing a rebound from the Monday low.
Additionally, despite the bearish trend in BTC price, it is now hovering close to the crucial 200-day moving average (yellow), indicating a consolidation phase and potential for a breakout in either direction. The Relative Strength Index (RSI) is currently at 43.25, which is a bearish signal for the market. Nonetheless, if the price descends further and reaches the 30 RSI level, which is considered the oversold region for the asset, a bullish reversal could be anticipated from that level.
Traders are advised to keep a close eye on the price levels and trading volumes for further market insights.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk, Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.