- BTC was able to reclaim the $60,000 price range after a day off.
- The number of active addresses has decreased over the past week.
Despite recent problems in price development in recent weeks, Bitcoin [BTC] has managed to climb back into the $60,000 price range. During this challenging period, large investors, often referred to as whales, continued to acquire more Bitcoin.
The price of Bitcoin, as well as the overall crypto market, has risen over the past 24 hours, coinciding with news of an assassination attempt on former US President Donald Trump.
This event has sparked market speculation that Trump’s chances of winning the next election may have increased after the incident.
Whales are adding more Bitcoin to their holdings
Dates of InTheBlok revealed that Bitcoin whales have been actively accumulating more coins over the past week.
The analysis found that approximately 71,000 BTC were added to whale wallets, which, given Bitcoin’s average price of approximately $57,000 last week, translates into an acquisition worth more than $4 billion.
This significant investment underscored the confidence these major holders have in the future value of Bitcoin.
Source: IntoTheBlock
Further analysis of other data showed that portfolios holding between 1,000 and 10,000 BTC have been particularly active, suggesting that this segment of investors is driving much of the recent whaling activity.
At the time of writing, these wallets collectively hold more than 4.7 million BTC. This trend not only underlines the bullish sentiment among major investors, but also signals a possible consolidation of wealth within the network.
Bitcoin breaks through immediate resistance
Analysis of Bitcoin on a daily time frame showed a series of upward trends late last week, according to a chart study from AMBCrypto.
On July 12, BTC recorded an increase of almost 1%, bringing its price to almost $58,000. The next day it had a more significant increase of more than 2%, to above $59,000.
Recently, a further increase of over 1% has taken Bitcoin back to the $60,000 range, with the cryptocurrency trading at around $60,030, marking a 1.3% increase.
The remarkable price increase coincided exactly with the latest news about the assassination attempt on Donald Trump. This timing indicates that the event may have influenced market movements, as investors often react to major geopolitical events.
It provides speculative opportunities based on their interpretations of the news.
Source: TradingView
The current movements in the price of Bitcoin have affected the Relative Strength Index (RSI), bringing it close to the neutral line, but not exceeding it. This suggests that even though BTC was still in a bear trend, the bearish momentum was weakening.
Moreover, BTC has managed to break the resistance formed by its long moving average (blue line). However, there is still resistance around $64,000, which is indicated by the short moving average (yellow line).
This mixed technical picture underlines a crucial transition phase in Bitcoin market sentiment, which may be heading towards a more sustainable recovery.
Active addresses are decreasing
Despite the recent rise in Bitcoin’s price and significant whale accumulation, there has been a noticeable decline in the number of active addresses in recent days.
Source: Santiment
Read Bitcoin (BTC) price prediction 2024-25
An analysis of the seven-day daily active addresses graph on Santiment revealed a decline in active participation. At the beginning of last week, the number of active addresses was approximately 3.9 million.
However, according to the latest data, this number has fallen to around 3.5 million.