- Bitcoin reaches highest value since June 2022 at $31.5K.
- Increase in mid-tier traders accumulating Bitcoin, decline in whale holders.
- BTC trading volume surges by 73.75% in the past 24 hours.
According to a tweet by Santiment, a leading blockchain intelligence firm, Bitcoin (BTC) has surged to $31.5K, marking its highest value since 1 June 2022. The tweet further highlights that mid-tier traders display more favorable indications of accumulation than large-scale whale holders.
Based on on-chain data, there has been a significant surge in the number of addresses with holdings ranging from 0.1 to 100 BTC. Furthermore, there has also been an upward trend in addresses with holdings between 0 and 0.1 BTC over the past week. However, it is worth noting that the count of whale addresses, referring to those with holdings exceeding 100 BTC, has declined during this period.
As of the latest update, CoinMarketCap reported that the dominant cryptocurrency was being traded for $31,359.44. This follows a notable increase of 3.49% within the past 24 hours, indicating a positive daily performance. Moreover, this upward momentum has also contributed to BTC’s weekly performance, which has reached a gain of 3.76% over the past 7 days.
In the last 24 hours, Bitcoin (BTC) surpassed the significant resistance level of $31.5K and achieved a daily peak of $31,814.51. Simultaneously, it experienced a low of $30,299.78 during this period. Furthermore, BTC witnessed a notable surge in its trading volume, with the total volume reaching $25.659,106,734 at the time of writing. This represents a substantial increase of 73.75% in the past trading day.
From a technical standpoint, the downward pressure exerted by bears has caused BTC to fall below the significant $31.5K level. Additionally, there are indications of a bearish shooting star candlestick pattern currently taking shape. If BTC cannot surpass the resistance at $31,500, it would confirm the formation of the shooting star pattern.
If the shooting star candlestick pattern is confirmed, Bitcoin’s price may decline to the subsequent significant support level at $30,885.21 within the next 48 hours. Conversely, if Bitcoin concludes today’s daily candle above $31.5K, it could pave the way for a bullish move towards $32,400 in the coming week.
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.
