- Santiment data suggests that whales have been actively accumulating BTC over the past 12 weeks.
- BTC needs to reclaim $29.6K to prevent a lower high from forming.
- The 9-day EMA line crossed below the 50-day EMA line over the past 24 hours.
Whales have actively been accumulating Bitcoin (BTC) over the past 12 weeks, according to a Twitter post shared earlier today by the on-chain analytics platform, Santiment. There are about 15,870 BTC addresses that hold at least 100 BTC coins. Furthermore, Santiment’s data revealed that these whales own approximately 11.5 million BTC.
This BTC makes up more than half of the total existing supply. Additionally, these whales still seem to have a thirst for purchasing BTC as, since 16 May 2023, their collective share has risen by 27,755 BTC.
Meanwhile, Altcoin Sherpa, a cryptocurrency trader and analyst, also shared his thoughts about the market leader in a Twitter post yesterday. According to the analyst, BTC will need to reclaim the support floor at $29.6K or else the market leader will just create a lower high that could lead it to visit the $27Ks again.
The 9-day EMA line crossed bearishly below the 50-day EMA line over the past 24 hours. This may be an early indication of a bearish trend reversal for BTC, which may be followed by a steep decline in BTC’s price. A confirmation of this bearish thesis will be when the 20-day EMA line crosses below the 50-day EMA line.
If this technical flag is validated, BTC could drop toward the $27K support level in the next 2 weeks. On the other hand, if the market leader’s price is able to close above $29.6K, the price point highlighted by Altcoin Sherpa, then the cryptocurrency may initiate an ascent toward $32K in the next couple of days.
At press time, CoinMarketCap indicated that BTC saw its price decline by 1.75% over the past 24 hours of trading, which left the crypto king trading hands at $29,086.09. Furthermore, BTC’s intraday trading volume slipped by more than 20% since yesterday. As a result, its volume stood at around $15.56 billion.
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