Bitcoin whales have now started accumulating BTC once more. This comes at a time when the crypto market is seeing struggling prices marked with low momentum. Now, with these large investors picking up the pace with their investments, there could be more movement on the horizon for bitcoin.
Bitcoin Whales Fill Up Their Bags
Data from on-chain aggregator Santiment shows that large bitcoin whales holding between 1,000-10,000 BTC are accelerating their accumulation. Over the last five days, these large investors have added more than 20,000 BTC to their balances, making it a significant accumulation trend.
As a result, these bitcoin whales now hold a total of 4.57 million BTC. This figure represents 23.7% of the total circulating BTC supply as of this moment, suggesting that this accumulation may have factored into the recovery trend recorded by bitcoin over the last two days.BTC whales accumulate over 20,000 coins | Source: Twitter
The accumulation trend comes hot on the heels of low activity recorded by these large bitcoin whales. As Bitcoinist reported, large whale transactions fell to only 19% of total bitcoin transactions indicating fatigue on the part of these large wallets.
However, the new accumulation of data points to a more long-term play on the parts of these whales. It also shows a willingness to buy at current levels which could mean that large BTC whales could believe that the price of the digital asset may have hit its bottom.
Will BTC Continue Uptrend?
Bitcoin is now trading comfortably above the $17,000 level after a late weekend rally pushed it above the important technical level. At current prices, the digital asset is tethering just around its 50-day moving average of $17,212, which puts it in a precarious position.
Such levels mean that the price of the cryptocurrency could swing either way and what’s more, is that it wouldn’t take much to trigger a tilt. So while the accumulation of these large whales may have been part of the trigger for the uptrend, there needs to be more demand for BTC to continue upwards and break successfully above its 50-day moving average.BTC price trending above $17,300 | Source: BTCUSD on TradingView.com
If it were to fall below this level, then support for BTC is still sitting at $16,600 and this could mean a freewill to lose around $500 off bitcoin’s value. However, if momentum were to pick up, then BTC will test the $17,500 resistance before the end of the week.
Bitcoin is currently trading at $17,213 at the time of this writing. It is up 0.06% in the last day and seeing gains of 2.95% in the last 7 days.Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Watcher Guru, chart from TradingView.com