Key Points
- Bitcoin [BTC] has managed to climb back into the $60,000 price range, despite recent struggles.
- There has been a noticeable decline in the number of active Bitcoin addresses in recent days.
Bitcoin [BTC] has managed to reclaim its position in the $60,000 price range after a challenging period. Large investors, often referred to as whales, have continued to acquire more Bitcoin during this time.
Bitcoin’s Price Increase and Whale Activity
The price of Bitcoin, as well as the overall crypto market, has seen a boost in the last 24 hours. This coincides with the news of an assassination attempt on former US president Donald Trump, sparking market speculation about his chances in the next election.
Data from IntoTheBlock reveals that Bitcoin whales have been actively accumulating more coins over the past week. Approximately 71,000 BTC were added to whale wallets, translating to an acquisition worth over $4 billion. This significant investment underscores the confidence these large holders have in Bitcoin’s future value. Furthermore, wallets holding between 1,000 and 10,000 BTC have been particularly active recently.
Bitcoin Breaks Resistance
An analysis of Bitcoin on a daily timeframe showed a sequence of uptrends towards the end of last week. On 12th July, BTC recorded a nearly 1% increase, pushing its price close to $58,000. The following day, it experienced a more significant rise of over 2%, reaching above $59,000. Most recently, a further increase of over 1% has propelled Bitcoin back into the $60,000 range. This rise coincides with the breaking news of the assassination attempt on Donald Trump, suggesting that the event may have influenced market movements.
Despite the recent uptrend in Bitcoin’s price and significant accumulation by whales, there has been a noticeable decline in the number of active addresses. An analysis of the seven-day daily active addresses chart on Santiment revealed a decrease in active participation, from approximately 3.9 million at the beginning of the past week to around 3.5 million, according to the latest data.
