The accumulation campaign kicked off following a massive distribution trend by these addresses in late December.
Bitcoin (BTC) whales (holding 1,000 to 10,000 tokens) have resumed accumulation, as they add up to 20,000 more BTC tokens to their bags in five days. The accumulation which began on January 5 followed a distribution trend that spilled from late December to the new year.
Ali, a prominent market watcher, recently called attention to the development, citing data from a Santiment chart. “…these large addresses have added around 20,000 #BTC to their holdings since Jan. 5″ Ali disclosed in a tweet today.
#Bitcoin | Whales with 1,000 to 10,000 $BTC have been somewhat inactive. Still, these large addresses have added around 20,000 #BTC to their holdings since Jan. 5, shows data from @santimentfeed pic.twitter.com/Pmva4v0PKJ
— Ali (@ali_charts) January 10, 2023
Data from the Santiment chart reveals an aggressive accumulation campaign that began on January 5 and suddenly came to a halt. A period of inactivity immediately followed the accumulation trend. Despite this prevalent inactivity, the whale addresses had already amassed 20K BTC, bringing their total cumulative holdings to 4.57M tokens which represent 23.7% of the asset’s circulating supply.
The inactivity persists notwithstanding the recent BTC break above $17K. On the bright side, this inactivity indicates that the whales are not dumping their assets. The CryptoQuant Binary CDD metric corroborates this, as it is currently signaling a low long-term holders’ movement.
Notwithstanding, despite the recently-engineered accumulation, the cumulative balance of these whale addresses has plummeted to its lowest levels in months. A noticeable drop in their balance is seen in the days following the FTX collapse, as market-wide selloffs prevailed.
BTC Price Analysis
Meanwhile, BTC recently found some new strength, as it broke above $17K on January 6 for the second time this year. The asset’s recent rally resulted in a high of $17,398 yesterday – its highest point since December 16. Despite the market-wide resistance that ensued, BTC has held up quite well above the $17k level, currently changing hands at $17,251 as of press time.
Having scaled through the pivot point at $17,236, BTC is looking to recapture the first crucial resistance at $17,349. If the recently-introduced resistance is overcome, the asset could make its way to the second resistance point at $17,513.
However, a dip below the pivot point could lead to the first support level at $17,072. If further selloffs ensue, a break below $17k would see BTC touch the second support level at $16,959. It bears mentioning that PlanB, the Stock-to-Flow model creator, noted last week that BTC is showing weak signs despite its gains then.
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