Bitcoin holders reach all-time high as two major investors amass over 19k BTC.
Bitcoin (BTC) has entered a consolidation phase around the $42,500 level as the new year begins. Recent data reveals that two whales have been accumulating a substantial amount of BTC, indicating a bullish sentiment in the market.
As of now, Bitcoin is experiencing a 0.5% decline in the past 24 hours and is currently trading at $42,450. The cryptocurrency’s market capitalization remains above $831 billion, with a daily trading volume of $27.7 billion.
On-chain data shows that two whales have acquired a combined total of 19,349 BTC, which is valued at over $820 million based on the current price. One whale has transferred 9,723 BTC, while the other has sent 9,624 coins from Coinbase to two newly created wallets.
According to data from Santiment, a market intelligence platform, whale transactions involving at least $100,000 worth of BTC have increased by 13.4% in the past 24 hours. The number of unique transactions has risen from 6,559 to 7,438 in a single day.
Bitcoin whale transactions had experienced consistent declines between December 22 and 26, according to a report by crypto.news.
Furthermore, the total number of Bitcoin addresses has been steadily increasing since November 28. Santiment reports that there are now a record-high 52.44 million unique Bitcoin wallets in existence.
Given the recent market conditions, Bitcoin may be on the verge of a price surge. Santiment notes that the Relative Strength Index (RSI) of Bitcoin has decreased from 64 to 57 in the past 24 hours. A lower RSI indicates a higher potential for a price surge.
For Bitcoin to gain bullish momentum, it is important for the RSI indicator to remain below the 60 mark.
In conclusion, Bitcoin is showing signs of bullish sentiment with whales accumulating significant amounts of BTC and the RSI indicating potential for a price hike. The cryptocurrency market continues to be an area of interest and speculation as we enter the new year.
