- BTC is approaching the $52,000 price range.
- Whales have amassed BTC worth $5 billion in recent days.
Like the price of Bitcoin [BTC] reached levels that created enthusiasm in the market, certain portfolios showed increased enthusiasm in their accumulation. Given the increasing accumulation in these wallets, has there been an impact on the number of holders?
Bitcoin whales are piling up assets
An analysis of the Bitcoin distribution offering on Santiment showed a notable accumulation trend among certain whales in recent weeks.
Studying the chart, it was clear that portfolios with 1,000 to 10,000 BTCs witnessed an increase in holdings, from 24% to over 25%. This upward trend started around January 22nd and has continued to this day.
Source: Santiment
Over the past ten days, these wallets have accumulated approximately 100,000 BTCs, which is equivalent to approximately $5 billion. This accumulation marked the main trend observed in these portfolios in recent months.
Notably, this category of wallets showed the highest accumulation trend among other whale wallets. The accumulation of these portfolios indicated expectations that Bitcoin’s price would surpass current levels, indicating bullish sentiment.
Analysis of the total number of Bitcoin holders
A survey of the total number of Bitcoin holders indicated a lack of significant movement in recent times. Santiments The metric showed a slight decline in the number of holders in recent weeks.
At the time of writing, the number of holders was approximately 52 million. This suggests that while the inflow of new holders was limited, existing holders were actively acquiring additional BTC.
Source: Santiment
BTC maintains new price level
An analysis of Bitcoin’s daily timeframe chart showed a lack of significant movement over the past two days. Despite the absence of any significant upward trends, the stock has consistently maintained its value around the $51,000 price level.
At the time of writing this article, BTC was trading at almost $52,000, reflecting an increase of less than 1%. It is striking that all indicators point to a strong bullish run.
Source: trading view
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At the time of writing this article, the Relative Strength Index (RSI) for Bitcoin was above 80, indicating both a strong bull trend and an overbought situation. While a price correction from this level is possible, there is also potential for further upward movement.
Furthermore, the Moving Average Convergence Divergence (MACD) has surpassed the 2000 level, underscoring the strength of the ongoing bull run. This is the first time in months that these metrics have exceeded these specific points.