Bitcoin’s price rally is gaining steam, recently reaching a three-month high of nearly $69,000 and currently trading around $67,768. Recent data from Santiment, an on-chain market analysis platform, reveals that 297 new “whale” wallets holding over 100 BTC have emerged in just two weeks! At the same time, smaller wallets are disappearing, indicating that major investors are buying Bitcoin while retail holders are cashing out.
Could this change in Bitcoin ownership suggest a strong bullish trend ahead? Are these whales sensing an upcoming price explosion? Or is something else driving this massive accumulation? Whatever the reason, it’s clear that the market is heating up, and investors are taking notice. Read on for more information.
According to Santiment, whale wallets holding 100 or more Bitcoin have increased by nearly 2% over the past two weeks, adding 297 new wallets. This accumulation trend often occurs before market upswings, as big players increase their holdings while smaller investors sell off their assets.
The number of smaller wallets has dropped by over 20,000, reflecting a pullback among retail traders who may be offloading Bitcoin during recent price fluctuations. This shift from smaller holders to whale investors has historically indicated potential market growth.
The move from retail to whale holdings is significant. When large-scale investors expand their positions while retail traders reduce theirs, it has often signaled a rise in Bitcoin’s price.
As whales continue to accumulate Bitcoin, retail investors might want to reconsider their strategies. This trend often signals that larger players expect a price increase, creating a good opportunity for smaller investors to enter the market before any significant rally.
On Bitcoin’s daily chart, the asset has recently surged above the $67,000 level and the 200-day moving average, which are close together. This rally increases the chances of Bitcoin reaching a new all-time high soon.
The Relative Strength Index (RSI) currently stands at 67, indicating moderate buying pressure without hitting overbought levels. However, sellers have held the $69,000 resistance level, creating some downward pressure.
If Bitcoin can stay above the $68,000 support level, the upward trend will remain intact. A strong push beyond $69,045 could lead to further gains toward the key psychological level of $70,000.
With so much happening in the market, where do you see Bitcoin heading next? Join the conversation.
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