The largest Bitcoin ($ BTC) holders in the block chain have added 16% more coins to their holdings in the last 30 days, and now have more than 776,000 BTCs worth more than $ 16 billion at the time of writing.
According to blockchain analytics firm IntoTheBlock, “gigawalks,” defined as entities with more than 100,000 BTCs in their wallets, have increased their BTC holdings to a new record. According to the company, there are only five addresses online with more than 100,000 BTC in their wallets – $ 2 billion.
As CryptoGlobe reports, earlier this month, Bitcoin whale activity rose to four months as large holders bought the flagship cryptocurrency as it approached a critical $ 20,000 mark.
According to IntoTheBlock, which uses the Large Holders Inflow meter to track funds going to BTC whale addresses, the largest revenue stream since February this year was observed, with 116,000 bitcoins worth $ 2.5 billion moving in one day.
The movement may have pointed to a possible price base for the cryptocurrency because “these addresses tend to buy in size as a result of significant market corrections”. The price of Bitcoin has recently fallen as a result of a broader market correction, resulting in the market value of crypto space falling below $ 1 trillion.
Santiment, a cryptocurrency company in the chain and on social metrics, pointed out that while the cryptocurrency market “has been stifled”, the number of larger BTC addresses online has increased.
According to the company, addresses with 10 to 10,000 BTC have recently increased, while addresses with at least 10,000 BTC have increased since February.
As reported, technical analyst Katie Stockton, founder of Fairlead Strategies, has predicted that Bitcoin may soon see a easing rally that would dampen due to the ongoing downtrend in the market. The analyst referred to the main levels of support that are worth monitoring.
The technical analyst added that “with such a decline, support levels will be removed,” and the last level of support is “decisive enough for us to be at the next level of support.” These levels of support, Stockton noted, are long-term levels.
Per Stockton, the price level considered by BTC’s Fairlead Strategies is “approximately $ 18,300 to $ 19,500” based on Fibonacci retracement levels associated with certain percentages based on the Fibonacci sequence first developed and used by ancient Indian mathematicians. Investopedia.
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h/t – CryptoGlobe