According to data from the company IntoTheBlock, whales (whales) Bitcoin seems to be back in the game. We note a return of the largest wallets in the battle, a sign of a potential bottom for Bitcoin.
116,000 BTC on a whale wallet
This week marked the biggest influx since February with almost 116,000 BTC transferred to the wallet of the largest accounts in the crypto ecosystem.
For analysts of the specialist company IntoTheBlock, this could be a sign on a possible basis:
This could be a sign of potential upside for bitcoin since these addresses tend to buy en masse after a major correction.
We also saw large transactions on the portfolio of one of the largest whales. In fact, she would not have bought less than 927 btc last June.. Accumulated strategy for potential price reversal for some analysts.
For many analysts, crypto is anticipating the general financial market situation. As long as no bottom has been found, it’s hard to imagine traditional markets starting to rise again.
Crypto-assets are a risky investment.
Bitcoin is still in trouble
Bitcoin fell nearly 30% this week and is stagnant around $ 20,000. According to the specialist site Glassnode, Bitcoin is trading around $ 3,000 below its “realized price” of 23,430. This is an indicator that calculates the average purchase of all bitcoins in circulation. This is a good illustration of the complex market conditions, especially for newcomers, who are currently weakening.
Bitcoin continues to fight in the $ 20,000 area and despite some encouraging mid-week signals, it is unable to expel itself from this area. We are here on a central medium that must be held. In the event of a breakdown, bitcoin is very likely to look lower towards the $ 17,000 area.
In a complex macroeconomic context, Bitcoin takes the blow. The coming months will tell us if this trend is to survive or if a major rebound allows the king of cryptocurrencies to emerge from his torpor.