- Crypto industry whales accumulating Bitcoin over the past 12 weeks.
- Whales collectively possess around 11.5 million BTC, highlighting their substantial ownership.
- Bearish crossover in BTC’s EMA lines could signal a trend reversal.
According to a recent Twitter post by Santiment, a leading on-chain analytics platform, crypto industry whales have been amassing Bitcoin (BTC) over the past 12 weeks. The data indicates that approximately 15,870 BTC addresses hold at least 100 BTC coins, signifying significant accumulation by these influential players. Furthermore, Santiment’s analysis reveals that these whales collectively possess around 11.5 million BTC, further highlighting their substantial ownership in the Bitcoin market.
BTC currently accounts for over 50% of the overall circulating supply, signifying its dominant position in the market. Moreover, these prominent investors, often called whales, are strongly inclined to acquire more BTC. Their combined holdings have witnessed a notable increase of 27,755 BTC since 16 May 2023.
In a recent Twitter post, Altcoin Sherpa, a prominent cryptocurrency trader, and analyst, offered insights on the current market leader. The analyst emphasized the significance of Bitcoin (BTC) reclaiming the support floor at $29.6K. According to Altcoin Sherpa, failure to do so could result in the market leader establishing a lower high, potentially leading to a revisit of the $ 27K.
In the last 24 hours, we have observed a bearish crossover as the 9-day EMA line dipped below the 50-day EMA line. This occurrence could signal an early indication of a bearish trend reversal for BTC, potentially leading to a significant decline in its price. To further validate this bearish outlook, we must witness the 20-day EMA line crossing below the 50-day EMA line.
In the event of the successful validation of this technical flag, there is a possibility of Bitcoin experiencing a decline towards the support level of $27,000 within the upcoming two weeks. Conversely, should the price of the leading cryptocurrency surpasses the $29,600 mark, as indicated by Altcoin Sherpa, it may trigger a bullish trend towards the $32,000 level in the following few days.
As of the latest update, CoinMarketCap reported a 1.75% decrease in the price of BTC during the previous 24 hours of trading, resulting in a trading value of $29,086.09 for the leading cryptocurrency. Additionally, BTC’s intraday trading volume experienced a decline of over 20% compared to the previous day, settling at approximately $15.56 billion.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
