Bitcoin [BTC] was pushed to a two-year low by the erratic bear market. While the general public anticipated that BTC would have a difficult time recovering, it may have already begun to lay the groundwork for this. The biggest cryptocurrency in the world soared to a monthly high of $18,318.53 earlier today. This gave the market a break and raised the prospect of BTC advancing in the direction of $19K or possibly $20K in the near future.
Whale addresses holding 100 to 10,000 BTC may have been the cause of the most recent change in the price of Bitcoin. There are currently 15,848 addresses holding a significant quantity of bitcoin. It should be mentioned that there are currently 43,460,000 Bitcoin addresses in existence. Therefore, 0.0364% of all BTC addresses are owned by these whales.
But did the price of Bitcoin depend on these whales? The market has seen 159 new addresses with 100 to 10,000 BTC enter over the past three weeks. It should be highlighted that during the past 10 months, this location has experienced the quickest increase. Over the past nine days, all of these whales have been able to buy a staggering $726 million worth of Bitcoin.
The fact that these whales were stockpiling rather than dumping came as a tremendous comfort, even though it wasn’t the only factor in BTC’s most recent gain. Santiment noted that Bitcoin whales engaged in a 14-month dumping binge. Expanding on what Santiment already stated,
“..we may be seeing a turnaround now. Not necessarily with prices just yet… but at least with whales finally accumulating rather than dumping. We have seen the largest streak of new BTC whale addresses being created in 10 months.”
Prominent stablecoins were also accumulating more and more, as seen in the photograph.
Will Bitcoin Take Its Throne Back?
The community, though, appeared to be optimistic about BTC trending near $19K.
The BTC/USD daily chart’s signal suggests that the value of the king coin may be increasing. Below the candlesticks, the Parabolic SAR indicator created a support line that prevented the asset from falling further.
As the MACD line was above the signal line, the MACD indicator made a bullish crossover. The Relative Strength Index [RSI] indicator, which held above the 50 median, also indicated a positive idea.
The report from Santiment and the aforementioned chart showed that an upturn might be possible. Although the community has reasons to be upbeat, news about FTX, the conflict between Ukraine and Russia, and Covid could have an influence on the market.