- Santiment tweeted today that BTC broke above $31.5K for the first time since 1 June 2022.
- The intelligence firm revealed that mid-tier addresses are displaying positive signs of accumulation.
- At press time, BTC was trading at $31,359.44 following a 3.49% gain.
The blockchain intelligence firm Santiment noted in a tweet this morning that Bitcoin (BTC) reached $31.5K for the first time since 1 June 2022 over the past 24 hours. The post also revealed that mid-tier traders are showing better signs of accumulation than whale holders.
According to on-chain data, there has been a notable increase in the number of addresses holding between 0.1 to 100 BTC. Additionally, addresses holding 0 to 0.1 BTC have also experienced a rise over the past week. However, during this same time frame, the number of whale addresses, which are those holding more than 100 BTC, has decreased.
At press time, CoinMarketCap indicated that the market leader was trading at $31,359.44. This was after the crypto was able to gain 3.49% over the past 24 hours. The positive daily performance pushed BTC’s weekly performance further into the green as well. As a result, the leading crypto was up 3.76% over the past 7 days.
Not only did BTC break above the psychological $31.5K resistance over the past 24 hours, but was also able to reach a daily high of $31,814.51 during this period as well. Meanwhile, its 24-hour low stood at $30,299.78. BTC also saw a surge in its daily trading volume in the past day of trading. At press time, the total volume stood at $25.659,106,734 – a 73.75% increase.
From a technical perspective, bears had dragged BTC back below the major $31.5K mark. Furthermore, a bearish shooting star candlestick seems to be in the process of forming. Should BTC fail to breach resistance at $31,500, then, formation of the shooting star could be confirmed.
If the shooting star candlestick is validated, BTC’s price may drop to the next key support level at $30,885.21 in the next 48 hours. On the other hand, if BTC is able to close today’s daily candle above $31.5K, then it may look to climb to $32,400 in the upcoming week.
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