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Bitcoin Large Whale Addresses Amassed 84,897 BTC in Five Weeks; Price Rally on the Way
Bitcoin (BTC), the world's largest cryptocurrency, has recently come under selling pressure following a rejection at US$30,000. Bitcoin (BTC) is now trading at US$27,054 and has a market worth of US$524 billion as of press time.
Despite this, Bitcoin key whale addresses have been steadily increasing over the previous five weeks. According to Sentiments on-chain statistics, Bitcoin whale addresses with 1K to 10K BTC have acquired 85,000 Bitcoins in the last several weeks. According to the most recent report: “Bitcoin's important huge whale addresses tier has been steadily collecting over the last 5 weeks, amassing a total of 84,897 USUS$BTC during this period of price stagnation. Prices increased by +34.4% during their last accumulation cycle in January”.
However, a huge number of Bitcoins have been migrating off exchanges, which may act as a trigger to propel Bitcoin prices upward. Over the previous 24 hours, more than 20,000 Bitcoins have been removed from exchanges, according to popular crypto analyst Ali Martinez.
Where’s Bitcoin Moving Next?
The main issue for investors is where Bitcoin (BTC) will go from here. According to crypto researcher Michael van de Poppe, Bitcoin could pass the 200 MA or EMA, which is USUS$28,600, after which the BTC price can climb from USUS$39,000 to USUS$43,000.
However, as we can see, Bitcoin has recently been subjected to considerable selling pressure. Poppe explained the support levels by saying, "Sigh, #Bitcoin is again chopperino." Rejects at the first resistance level, with a must-hold zone between USUS$26,800 and USUS$28,000. If that is lost, we would most likely fall towards USUS$26,000 for a probable bullish divergence. Holding here would be fine, but it must first break USUS$28,500.
While Bitcoin has entered a stabilization phase, certain cryptocurrencies have made significant gains. Litecoin has surpassed US$90 due to an approaching halving event and an increase in LTC20 address activity.
Similarly, Ripple's XRP is up 7.5% today after Judge Torres denied the Securities and Exchange Commission's plea to seal the Hinman Documents.