Bitcoin market whales are accumulating BTC

Bitcoin and gold stand to gain significantly thanks to US fiscal troubles

Wealthy investors in the cryptocurrency market are turning to Bitcoin (BTC). The reason for this “turnaround” is that the price of BTC is steadily heading upwards, having already surpassed $50,000. In this article, we present an explanation of this trend, as well as a thorough analysis of what is currently happening with this still most popular cryptocurrency in the world.

Investors are back to investing in Bitcoin

Data collected by the cryptocurrency-focused website, Ecoinometrics, suggests a new trend: a renewed, eager investment by both small and large investors in Bitcoin. An upward trend was noted among addresses controlling holdings between 1,000 BTC and 10,000 BTC, suggesting that wealthy investors find the current price of BTC attractive enough to place upward bets. 

A similar sentiment from the rest can be seen among small investors with holdings of less than 1 BTC. Ecoinometrics report that they have been accumulating BTC tokens since June, and over a period of time, they have also seen selling pressure on BTC coming from the whale side. Their buying sentiment coincided with a price rise to $50,000, a key psychological resistance level.

Blockchain platform Glassnode’s supporting data

Blockchain analytics platform Glassnode also observed an increase in buying sentiment among small fish, or small investors. More specifically, the number of addresses holding at least 0.1 BTC reached a three-month high of 3,231,069 on Monday (August 30, 2021), further confirming the accumulation data above.

“More than 1.65 million BTCs now have a cost basis on the network in the range of $45k to $50k,” the platform wrote on Twitter on Monday.

What is next for the Bitcoin price?

For now, Bitcoin is holding above the “green wave.” However, there are warnings of whales and “small fish” as the Bitcoin market waits for a clear breakout move above $50,000.

At the moment, the BTC/USD exchange rate has been consolidating under the mentioned resistance level since Friday (September 3, 2021). Just for this reason, the BTC/USD currency pair has also found temporary support above $47,000, which more or less coincides with the 20-day exponential moving average.

“Small fish” have been mercilessly accumulating Bitcoins (BTC) in the $40,000 to $50,000 range, with no signs pointing to a possible trend reversal over the past 30 days. On the other hand, the whales went through a period of capitulation as Bitcoin entered the $45,000-50,000 range.

Disclaimer: Blockbulletin does not take accountability of investments based on the information of the website. We highly advice readers to make extensive research prior to any invest

Share this article

More news

Ripple

Expert predicts Ripple IPO date

Wall Street financial expert Linda Jones has shared details of Ripple’s anticipated IPO date. Her analysis indicated potential dates, but the current market context and regulatory aspects…
All articles loaded
No more articles to load

Learn

Leveraged trading

Leveraged trading

The cryptocurrency market moves quite fast and offers the public the opportunity to make a lot of money in a…
XRP

How to buy XRP?

Our articles explain a lot about Ripple (XRP). This time we explain how to buy and store the XRP tokens.…
Bitcoin

How to buy Bitcoin (BTC)?

Bitcoin (BTC) is the most popular cryptocurrency in the world. In 2021, as much as 11% of Americans claimed to…
Bitcoin ETF

Bitcoin ETF

The year 2020 was the time when Bitcoin (BTC) attracted institutional interest. It became a serious subject of discourse among…
All articles loaded
No more articles to load

Analyses

All articles loaded
No more articles to load

Latest news

XRP outperforms Bitcoin and Ethereum

In the past week, XRP decisively outperformed its main rivals, Bitcoin (BTC) and Ethereum (ETH), in terms of capital flows. Moreover, it recorded an impressive…
All articles loaded
No more articles to load