Recent data shows that Bitcoin whales are accumulating BTC, while mid-sized investors return to accumulation. Over 15,000 BTC were transferred to private wallets last week. Bitcoin is currently stable around $84,500, with technical indicators suggesting potential bullish movement and key resistance levels identified. The market exhibits signs of softening appetite from investors despite a record market cap.
Recent analytics from Glassnode indicate that significant Bitcoin (BTC) holders, often referred to as whales—those controlling over 10,000 BTC—are actively accumulating, suggesting a potential bullish market shift. Additionally, mid-sized investors, holding between 10 to 100 BTC, are also beginning to accumulate after a prolonged phase of distribution. Notably, more than 15,000 BTC transitioned from centralized exchanges to private wallets last week, signalling a shift in investor behaviour towards securing assets in cold storage.
Despite Bitcoin’s current trading level around $84,500 showing stability after recent volatility, indicators such as the lack of expanding unrealized losses among long-term holders suggest continued optimism for bulls. Historical data shows that spikes in these unrealized losses typically correspond with bear market confirmations, and their absence currently presents a bullish sign, aligning with sentiments voiced by analysts like Ali Martinez, who documented the latest withdrawal trends.
Furthermore, although Bitcoin’s realised market cap has achieved a record high of $872 billion, the inflow rate exhibits signs of fatigue, hinting at a softening appetite from both new and institutional investors. This could imply a heightened risk-off sentiment prevailing in the market despite positive capital inflows. The average monthly growth rate is a modest +0.9%, indicating a potential plateau in investor engagement.
From a technical perspective, the Relative Strength Index (RSI) for BTC stands at 52, allowing for potential price fluctuations in either direction. A dip below an RSI of 47 may shift momentum back towards bearish trends, with support levels near $80,000 and $76,000 in sight. Conversely, maintaining a price above the 20-day Simple Moving Average (SMA) at $84,600 could lead to attempts to reach the $90,000 mark, although resistance is expected in the $87,000 to $88,500 range.
The current upward trajectory is validated by crucial indicators such as the blue MACD line, which remains above the orange signal line, suggesting a short-term bullish momentum. Additionally, Bitcoin’s recent breakout from a prolonged descending wedge reinforces the bullish sentiment. However, confirmations of a long-term bullish reversal hinge on successfully breaking through the 50-day Exponential Moving Average (EMA), particularly reclaiming the key resistance near $87,000, as observed by prominent analysts like Crypto Caesar.
In conclusion, it is essential for potential investors to stay informed and verify current market dynamics due to the inherent volatility of cryptocurrencies. Continued monitoring of Bitcoin’s movements and market signals is recommended, along with a consultation with a financial advisor before engaging in any investment strategies.
