- Bitcoin whales led the recovery charge with nearly 1,000 transactions.
- BTC is up about 5% in value over the past three days.
Last week saw a series of downward spirals in Bitcoin’s price [BTC] for many reasons. Nevertheless, as the weekend approached, a glimmer of hope emerged with a slight rebound in value accompanied by an upward trend in transaction volumes.
Read Bitcoin [BTC] Price Forecast 2023-24
Bitcoin whales ramp up transactions
Santiments crucial Bitcoin metrics provided an insightful view of the cryptocurrency’s recovery trajectory, marked by a surge of activity. Despite a drop in price, the whale transaction measure, which includes transactions in excess of $1 million, had a significant spike on June 11.
The chart vividly showed an increase of nearly 1,000 whale transactions, the highest figure in more than two months.
Source: Sentiment
At the time of writing, this stat stood at 61. This spike marked a notable increase in substantial BTC transactions amid the ongoing decline. Although the direction of these transactions remained unclear.
In addition, BTC transaction volume showed a more gradual but observable increase. Looking at the transaction volume statistics, there was a slight upward trend. At the time of writing, transaction volume passed the $3 billion mark. This escalation in transaction volume indicated that key stakeholders were actively moving assets as market polarization increased.
Source: Sentiment
Supply on stock exchanges slides to record low
Amid the price drop and the spread of fear, uncertainty and doubt (FUD), a remarkable shift in Bitcoin’s movement was observed as holders took their coins off the exchange. At the time of writing, the percentage of Bitcoin on exchanges was around 6.4%. This level of exchange was an important milestone for BTC, as it hadn’t happened in over five years.
The movement of these coins away from exchanges served as a bullish indicator, suggesting that holders had confidence in a future price increase.
Source: Sentiment
Bitcoin between bull and bear
Looking at the daily timeframe chart, Bitcoin showed signs of recovery from its recent downtrend. At the time of writing, BTC was trading at around USD 26,600, with a gain of almost 1%. This resulted in an overall gain of about 5% over the past three days.
The short moving average (yellow line) formed the immediate price resistance around $27,190.
Is your wallet green? Check out the Bitcoin Profit Calculator
However, if the price continues to rise, BTC has the potential to surpass this resistance level and move on.
Source: TradingView
The successive price increases have driven BTC into a somewhat bullish trend. The Relative Strength Index (RSI) was at 50 at press time, indicating a delicate balance between bearish and bullish sentiment.