- Santiment tweeted today that shark and whale addresses have accumulated $308.6 million in BTC over the past week.
- BTC was trading at $26,463.11 at press time following a 24-hour gain of 1.64%.
- Technical indicators on BTC’s daily chart suggested that momentum was still in favor of sellers.
In a tweet earlier today, the blockchain intelligence firm Santiment revealed that whale and shark addresses are collectively stocking up on Bitcoin (BTC). According to the post, there are currently 156,660 wallets holding between 10 and 10,000 BTC. This was after these large wallets accumulated $308.6 million worth of BTC since 17 August 2023.
Meanwhile, at press time, the market leader was changing hands at $26,463.11 according to CoinMarketCap. BTC was able to break above the significant $26K mark after it climbed 1.64% over the past 24 hours. Despite the positive daily performance, the cryptocurrency’s weekly performance remained in the red zone at -7.61%.
During the past day of trading, the altcoin market had outperformed BTC by a slight margin. This was evident in the fact that BTC’s dominance in the market had slipped 0.01%. Subsequently, the largest cryptocurrency by market cap accounted for approximately 48.33% of the cryptocurrency market’s valuation.
From a technical perspective, short-term and medium-term momentum was in favor of sellers at press time. The 9-day EMA line was positioned below the 20-day EMA line. Furthermore, both of these technical indicators were positioned below the 50-day EMA line. Nevertheless, BTC’s price could rise to $30,070 within the coming 2 weeks.
A confirmation of this bullish thesis will be when BTC’s price closes a daily candle above the $26,915 resistance level. Thereafter, the leading cryptocurrency will have to overcome the 20 and 50 EMA lines on the daily chart. Breaking above these two EMA lines will give BTC the support needed to reach the $30,070 threshold.
Continued buy support may also boost BTC’s price to the next significant resistance level at $32,500. This bullish thesis will be invalidated, however, if BTC fails to close a daily candle above $26,915 within the next week. In this scenario, BTC’s price could be at risk of retesting the next crucial support level at $24,200.
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