Bitcoin’s price performance over the past week may have disappointed investors, but that’s true signs of growing momentum as the new week started. Bitcoin rose to nearly $28,000 in the early hours of Monday before hitting resistance that sent it back down.
It looks like it whales have taken steps to push BTC higher, as evidenced by the increasing number of whale portfolios. New Bitcoin mid-whale addresses, that is, addresses holding between 100 and 1,000 BTC, recently saw a huge increase in one day, according to data from analytics firm Santiment.
Unprecedented growth in new Bitcoin Whale addresses
Data on the chain has shown, such as was previously reported, that Bitcoin whales are increasing their holdings, with long-term holders adding more than 50,000 BTC to their wallets every month. A similar occurrence occurred last weekend, when the number of Bitcoin wallets holding between 100 and 1,000 BTC saw the biggest jump this year.
An replenish their holdings to advance to the next level.
Source: Santiment on X
Will we see BTX hit $30,000 again soon?
Whales’ addresses have increased by 117 BTC in the last 48 hours, worth about $3.2 million, as whales look to fuel price increases. While on-chain signals are currently pointing bearish, the continued influx of investors accumulating Bitcoin could indicate higher demand and price appreciation for the leading cryptocurrency.
#Bitcoin whales bought about 117 $BTC in the last 48 hours, worth approximately $3.2 million. pic.twitter.com/Aoshmy0r4D
— Ali (@ali_charts) October 15, 2023
As whales filled their wallets, 24-hour trading volume for Bitcoin rose 180.15% and the price of Bitcoin rose 3.26%. If the current pace is maintained, there is a good chance that the price will reach $30,000 by the end of this week.
This impetus was likely aided by large quantities of older, stationary coins that were eventually moved. According to Santiment’s “Age Consumed” metric, which tracks the average age of cryptocurrencies being traded, the most dormant BTX has changed wallets since July.
Source: Santiment on X
Bitcoin has a history of existence used as a hedge against inflation, but the short-term price trajectory is difficult to predict at the moment. There are many market factors that can drive the cryptocurrency up or down.
An example is the SEC’s approval of spot Bitcoin applications, which many have hinted could mark the beginning of one new bull run to new highs. At the time of writing, BTC is trading at $27,740 and looking to cross the $28,000 mark.
BTC price marks support above $27,700 | Source: BTCUSD on Tradingview.com
Featured image from Shutterstock, chart from Tradingview.com