Whales Boost Holdings As Bitcoin`s Price Escalate

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  • The Bitcoin bulls continued to stand out in the market.
  • Addresses holding 100 to 10,000 BTC coins are at their highest level since June 11.
  • The price had to test the bottom support of the triangle due to recent price action.

The selling pressure has caused the price of Bitcoin to decline more dramatically over the last few days, which has caused an exceptionally pessimistic trend. The bulls continue to stand out as they seem to be watching for the ideal moment to reenter and seize power. As the Whales have been continuously accumulating recently, the BTC price is anticipated to maintain the lower support in the interim.

The number of Bitcoin wallets or addresses holding 100 to 10,000 BTC coins is at its highest level since June 11, according to recent reports from Santiment, an on-chain analysis, and social analytics firm.

 That suggests significant growth in just two months. The addresses are worth between $2.3 million and $233 million at today’s market prices.

The price had to test the bottom support of the triangle due to recent price action, but the tiny recovery since the start of trading has given some traders hope for a rebound. The BTC price is therefore anticipated to change direction from these levels and return to levels over $24,500 as soon as possible. Sadly, the most recent price movement shows a prognosis in contrast, but the growing whale accumulation indicates a different trend.

Additionally, according to Glassnodes, a different on-chain notifications company, investors appear to be less interested in making exchange deposits. This indicates that a large number of BTC whales are not shifting their stockpile. According to Glassnode, the moving average (7-day) for Bitcoin exchange deposits has fallen to a 2-year low of 2,009.256. The previous 2-year record was 2,010.179, which was published on July 15, 2022.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer