Bitcoin’s price momentum continues to impress, recently soaring to a three-month peak near $69,000, with the current value hovering around $67,768. In tandem with this price action, intriguing data from Santiment, a leading on-chain market analysis platform, highlights the emergence of 297 new “whale” wallets, each holding over 100 BTC, within a mere two-week span.
Whales Accumulate More BTC as Retail Sells Off
The rise in whale wallets, defined as those holding 100 or more Bitcoin, has surged by almost 2% over the past fortnight, adding 297 new wallets to the tally. This pattern of accumulation is reminiscent of market behaviors observed before significant price upswings, where substantial stakeholders bolster their holdings while smaller investors divest.
During this same period, smaller wallet numbers have contracted by over 20,000, reflecting a slight retreat among retail traders who might be liquidating Bitcoin amidst recent price volatility. The transition from smaller holders to whale wallets is often seen as a precursor to market expansion.
Historically, when sizable investors amplify their positions while retail counterparts diminish theirs, it frequently precedes an upsurge in Bitcoin’s value.
Opportunity for Retail Investors?
As whales persist in their Bitcoin accumulation, retail investors might want to reassess their strategies. This behavior typically indicates that larger market players are anticipating a price increase, potentially opening a window of opportunity for smaller investors to enter the market ahead of a substantial price rally.
Bitcoin Price Analysis
Analyzing Bitcoin’s daily chart reveals that the asset recently ascended above the $67,000 mark and the closely aligned 200-day moving average. This upward momentum enhances the likelihood of Bitcoin achieving a new all-time high in the foreseeable future.
The Relative Strength Index (RSI) is currently positioned at 67, indicating moderate buying pressure without entering overbought territory. However, sellers have maintained the $69,000 resistance level, exerting some downward pressure.
If Bitcoin sustains its position above the $68,000 support level, the upward trajectory remains intact. A consistent breakthrough beyond $69,045 could potentially propel further gains towards the psychologically significant $70,000 milestone.
