Did Top Three Bitcoin Addresses Just Call Another Local Bottom?
2022年2月19日 - 8:00AM
NEWSBTC
The buying pattern of bitcoin whales has long been an indicator for
coming market movement. While it may not happen everything, the
fact remains that these top addresses control enough of the supply
between them to have significant impacts on the price. This is
evident in past movements coinciding with major price shifts and
once again, these whales have gone on another accumulation trend
that could be the start of another bull rally. Bitcoin Addresses
With 100K Accumulated The bitcoin addresses that hold more than
100K on their balances are followed by investors and their
activities are closely monitored. Usually, depending on if these
wallets are buying or selling, the amounts can be large enough to
move the needle more than a few inches. This time around, the
wallets have been accumulating and their collective balances have
reached a critical point. Related Reading | Bitcoin Dominance
Drops To 42% As Price Declines Below $43,000 On-chain analysis firm
Santiment recently reported that three bitcoin wallets holding more
than 100K BTC have been increasing their holdings for the past
year. These wallets which had a collective balance of 260K coins by
February last year have more than doubled their holdings. In the
space of a year, they have added a collective total of 404K BTC,
bringing their balance to 664K. 🐳 #Bitcoin's top addresses with
100k+ coins currently hold 664k $BTC after sitting at just 260k
$BTC in Feb, 2021. There are currently 3 addresses of at least this
size. They held an #AllTimeHigh of 693k $BTC in late June, just
prior to prices surging. https://t.co/VRMD1itWCL
pic.twitter.com/V9bqIOrB6j — Santiment (@santimentfeed) February
16, 2022 This is not a new record but is close to the previous
all-time high balances of these three wallets. In June last year,
the three wallets hit an all-time high of 693K on their balances,
still unbroken to date. Why Is This Important? Well, one thing
about these three wallets is the kind of pull they have in the
market. The last time the wallets accumulated this much bitcoin was
at the bottom of the downtrend in mid-2021. At the tie that these
whale wallets hit their all-time high bitcoin holdings, the digital
asset marked a local bottom. This was promptly followed by a
tremendous bull rally that sent bitcoin and other cryptocurrencies
towards new all-time highs. BTC loses footing at $40K | Source:
BTCUSD on TradingView.com Now, the wallets have accumulated close
to the same position once again. With less than 30K BTC left to
reach its previous high, bitcoin looks to be marking another local
bottom. If this is the case, then bitcoin could be gearing up for
another rally towards a new all-time high. Related Reading
| Monero (XMR) Price Slides As Canada Includes Crypto In
Emergencies Act While this may be quite bullish for the digital
asset, other indicators point towards more bearish tendencies.
Bitcoin is only trading above its 20-day SMA and even that is
barely holding. It shows that fewer investors are willing to
purchase the asset for prices they have in recent weeks causing a
decline in value. If this continues, then bitcoin could very well
be struggling to hold its next support level at $39,190 in no time.
Featured image from MARCA, chart from TradingView.com
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