- BTC is closing in on the $52,000 price range.
- Whales have accumulated BTC worth $5 billion in the past few days.
As the price of Bitcoin [BTC] reached levels that sparked enthusiasm in the market, certain wallets displayed heightened enthusiasm in their accumulation. With the increasing accumulation observed in these wallets, has there been an impact on the number of holders?
Bitcoin whales pile up assets
An analysis of Bitcoin distribution supply on Santiment showed a notable accumulation trend among certain whales in recent weeks.
Examining the chart, it was evident that wallets holding 1,000 to 10,000 BTCs witnessed an increase in holdings, rising from 24% to over 25%. This upward trend commenced around 22 January and has persisted to the present.
Source: Santiment
Over the past ten days, these wallets accumulated approximately 100,000 BTCs, equivalent to around $5 billion. This accumulation marked the most significant trend observed in these wallets in recent months.
Notably, this category of wallet exhibited the highest accumulation trend among other whale wallets. The accumulation from these wallets indicated an expectation for Bitcoin’s price to surpass its current level, signifying a bullish sentiment.
Analyzing the total number of Bitcoin holders
An examination of the total number of Bitcoin holders indicated a lack of significant movement in recent times. Santiment’s metric revealed a slight decrease in the number of holders over the past few weeks.
At the time of this writing, the number of holders stood at approximately 52 million. This suggests that while the influx of new holders was limited, existing holders were actively acquiring additional BTC.
Source: Santiment
BTC maintains new price level
An analysis of Bitcoin’s daily timeframe chart showed a lack of significant movement over the past two days. Despite the absence of notable uptrends, it has consistently maintained its value around the $51,000 price level.
At the time of this writing, BTC was trading at nearly $52,000, reflecting an increase of less than 1%. Notably, all indicators are pointing towards a strong bullish run.
Source: Trading View
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At the time of this writing, the Relative Strength Index (RSI) for Bitcoin was above 80, indicating both a strong bull trend and an overbought condition. While a price correction from this level is possible, there is also the potential for further upward movement.
Additionally, the Moving Average Convergence Divergence (MACD) has surpassed the 2000 level, underlining the strength of the ongoing bull run. This marks the first time in months that these metrics have surpassed these specific points.