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Cryptocurrency News Articles
Bitcoin Whales Accumulate Amidst Market Turmoil
May 10, 2024 at 07:00 am
Despite recent price drops, Bitcoin (BTC) whales have continued to accumulate coins. Santiment reports that whales holding between 1000 and 10,000 BTC increased their holdings by 15,121 BTC, valued at $930 million, in just two days. This has pushed their total BTC holdings to their highest point in two weeks and represents 38% of the coin's circulating supply.
Bitcoin Whales Accumulate Amidst Market Volatility
As the cryptocurrency market continues to exhibit volatile price action, a cohort of Bitcoin (BTC) whales has remained steadfast in their accumulation strategy. Despite BTC's recent decline below the $62,000 mark, these large investors have intensified their buying, signaling their long-term faith in the digital asset.
According to on-chain data provider Santiment, BTC whales holding between 1,000 and 10,000 coins amassed a staggering 15,121 BTC valued at $930 million between May 7th and 8th. This surge in accumulation pushed the cohort's total BTC holdings to their highest level in two weeks.
Despite the recent price volatility, whales appear unperturbed, continuing to add to their positions. As of press time, this group of BTC investors holds a significant 38% of the coin's circulating supply of 20 million BTC.
While the whale accumulation is a positive sign for long-term investors, BTC faces potential headwinds in the short term. At press time, BTC traded at $61,621, having recently crossed below its 20-day simple moving average (SMA). This technical indicator suggests that the short-term trend for BTC is downward.
Market participants often view a price drop below the 20-day SMA as a sign that sellers are in control and that the asset's price will likely continue declining. Readings from BTC's price movement on a 1-day chart show that its price fell below the 20-day SMA on May 7th and has since witnessed a 3% decline in its value.
Further, BTC has experienced a decline in demand among general market participants. An assessment of its key momentum indicators shows them below their respective center lines. For example, the coin's Relative Strength Index (RSI) is at 44.12, while its Money Flow Index (MFI) is at 23.21. These values indicate significant bearish pressure in the market.
Additionally, BTC's Chaikin Money Flow (CMF) is poised to cross below the zero line, indicating market weakness and increased liquidity exit. If the bears strengthen their position, they may pull BTC's price down to the support line of its descending channel pattern.
However, should bullish activity gain momentum, BTC's price may rally toward the pattern's resistance line and attempt a crossover. The cryptocurrency market remains highly volatile, and investors should exercise caution and conduct thorough due diligence before making any investment decisions.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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