Key Points
- Bitcoin (BTC) is nearing the $52,000 mark as whales accumulate around $5 billion worth of BTC.
- The number of Bitcoin holders has remained relatively stable, with existing holders actively acquiring more BTC.
Bitcoin Whales Accumulate Amid Price Increase
Bitcoin is inching closer to the $52,000 price range.In recent days, whales have amassed Bitcoin worth approximately $5 billion.
The market is showing enthusiasm as Bitcoin’s price reaches new levels.Some wallets are showing increased accumulation activity.
The question arises: has this impacted the number of Bitcoin holders?
A study of Bitcoin distribution supply on Santiment reveals a significant accumulation trend among certain whales.
The chart shows that wallets holding between 1,000 and 10,000 Bitcoins have seen an increase in holdings.
This rise, from 24% to over 25%, started around January 22 and continues to this day.
Over the last ten days, these wallets have accumulated about 100,000 Bitcoins.This is equivalent to around $5 billion and marks the most substantial trend seen in these wallets recently.
This category of wallet has the highest accumulation trend among whale wallets.The accumulation suggests that these wallets anticipate Bitcoin’s price to rise above its current level, indicating a bullish sentiment.
When looking at the total number of Bitcoin holders, there hasn’t been much movement recently.
Santiment’s metric shows a slight decrease in the number of holders in the past few weeks.
As of writing, the number of holders is approximately 52 million.This implies that while new holder influx is limited, existing holders are actively buying more Bitcoin.
An examination of Bitcoin’s daily timeframe chart reveals little movement in the past two days.Despite the lack of significant uptrends, Bitcoin has consistently held its value around the $51,000 price level.
Currently, Bitcoin is trading at nearly $52,000, an increase of less than 1%.All indicators suggest a strong bullish run.
The Relative Strength Index (RSI) for Bitcoin is above 80 at the time of writing.This indicates a strong bull trend and an overbought condition.
While a price correction from this level is possible, there is also potential for further upward movement.
The Moving Average Convergence Divergence (MACD) has also crossed the 2000 level.
This emphasizes the strength of the ongoing bull run and is the first time in months that these metrics have surpassed these specific points.
