Santiment, a reputable blockchain analytics firm, has taken to Twitter to debunk the notion that crypto market turbulence was caused by Bitcoin (BTC) sharks and whales. Their tweet reveals that addresses holding 10 to 10k BTC have accumulated a staggering $821.5 million during this recent bout of volatility. This information sheds light on the true nature of the market and highlights the resilience of these savvy investors.
According to CoinMarketCap, BTC’s value has experienced a notable uptick of over 3% within the last 24 hours. However, despite this recent surge, the leading cryptocurrency’s weekly performance remains negative at -8.06%. As of the time of writing, BTC’s current market value stands at $20,568.31.
The 24-hour trading activity of BTC has experienced a notable uptick, with a 9.18% increase in daily volume. The current standing of the trading volume is an impressive $39,550,890,661.
Upon analyzing the daily chart for BTC/USDT, it is evident that the price of BTC is currently situated beneath the 9-day and 20-day EMA lines. This trend commenced on 3 March 2023, as the cryptocurrency plummeted below both EMA lines. Despite trying to recuperate and reach the 9-day EMA line, the price of BTC was met with resistance and could not surpass the obstacle.
The recent market shift has resulted in a decline of BTC’s value, causing it to plummet below the pivotal $21,600 threshold and land at the next critical support level of $19,800. However, there is a silver lining to this downward trend, as the market has stabilized and peaked just after breaking the $19,800 mark, with the value hitting a low of $19,549.09 yesterday.
Bitcoin’s price successfully closed yesterday’s trading session above the $20,150.69 mark. Today, a significant influx of buy volume boosted BTC’s value to a daily high of $20,686.51. However, the price has since retraced to its current level. These fluctuations indicate the dynamic nature of the cryptocurrency market and the importance of monitoring trends closely.
