{"id":515610,"date":"2023-01-10T18:00:25","date_gmt":"2023-01-10T23:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=515610"},"modified":"2024-06-11T08:09:48","modified_gmt":"2024-06-11T08:09:48","slug":"bitcoin-whales-go-on-buying-spree","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-whales-go-on-buying-spree\/","title":{"rendered":"Bullish Signal: Bitcoin Whales Go On 20,000 BTC Buying Spree"},"content":{"rendered":"

Bitcoin whales have now started accumulating BTC once more. This comes at a time when the crypto market is seeing struggling prices marked with low momentum. Now, with these large investors picking up the pace with their investments, there could be more movement on the horizon for bitcoin.<\/p>\n

Bitcoin Whales Fill Up Their Bags<\/h2>\n

Data from on-chain aggregator Santiment<\/a> shows that large bitcoin whales holding between 1,000-10,000 BTC are accelerating their accumulation. Over the last five days, these large investors have added more than 20,000 BTC to their balances, making it a significant accumulation trend.<\/p>\n

Related Reading: Ethereum Reaches New Three-Week High Above $1,300, But Will Rally Last?<\/a><\/div>\n

As a result, these bitcoin whales now hold a total of 4.57 million BTC. This figure represents 23.7% of the total circulating BTC supply as of this moment, suggesting that this accumulation may have factored into the recovery trend recorded by bitcoin over the last two days.<\/p>\n

\"bitcoin<\/p>\n

BTC whales accumulate over 20,000 coins | Source: Twitter<\/a><\/pre>\n

The accumulation trend comes hot on the heels of low activity recorded by these large bitcoin whales. As Bitcoinist reported<\/a>, large whale transactions fell to only 19% of total bitcoin transactions indicating fatigue on the part of these large wallets.\u00a0<\/span><\/p>\n

However, the new accumulation of data points to a more long-term play on the parts of these whales. It also shows a willingness to buy at current levels which could mean that large BTC whales could believe that the price of the digital asset may have hit its bottom.<\/p>\n

Will BTC Continue Uptrend?<\/h2>\n

Bitcoin is now trading comfortably above the $17,000 level after a late weekend rally pushed it above the important technical level. At current prices, the digital asset is tethering just around its 50-day moving average of $17,212, which puts it in a precarious position.<\/p>\n

Such levels mean that the price of the cryptocurrency could swing either way and what\u2019s more, is that it wouldn\u2019t take much to trigger a tilt. So while the accumulation of these large whales may have been part of the trigger for the uptrend, there needs to be more demand for BTC to continue upwards and break successfully above its 50-day moving average.<\/p>\n

\"Bitcoin<\/p>\n

BTC price trending above $17,300 | Source: BTCUSD on TradingView.com<\/a><\/pre>\n

If it were to fall below this level, then support for BTC is still sitting at $16,600 and this could mean a freewill to lose around $500 off bitcoin\u2019s value. However, if momentum were to pick up, then BTC will test the $17,500 resistance before the end of the week.<\/p>\n

Related Reading: This Sub-$1 Billion Crypto Is Leading Market Gains, Here\u2019s The Reason<\/a><\/div>\n

Bitcoin is currently trading at $17,213 at the time of this writing. It is up 0.06% in the last day and seeing gains of 2.95% in the last 7 days.<\/p>\n

Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Watcher Guru, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin whales have now started accumulating BTC once more. This comes at a time when the crypto market is seeing struggling prices marked with low momentum. Now, with these large investors picking up the pace with their investments, there could be more movement on the horizon for bitcoin. Bitcoin Whales Fill Up Their Bags Data from on-chain aggregator Santiment shows that large bitcoin whales holding between 1,000-10,000 BTC are accelerating their accumulation. Over the last five days, these large investors have added more than 20,000 BTC to their balances, making it a significant accumulation trend. Related Reading: Ethereum Reaches New Three-Week High Above $1,300, But Will Rally Last? As a result, these bitcoin whales now hold a total of 4.57 million BTC. This figure represents 23.7% of the total circulating BTC supply as of this moment, suggesting that this accumulation may have factored into the recovery trend recorded by bitcoin over the last two days. BTC whales accumulate over 20,000 coins | Source: Twitter The accumulation trend comes hot on the heels of low activity recorded by these large bitcoin whales. As Bitcoinist reported, large whale transactions fell to only 19% of total bitcoin transactions indicating fatigue on the part of these large wallets.\u00a0 However, the new accumulation of data points to a more long-term play on the parts of these whales. It also shows a willingness to buy at current levels which could mean that large BTC whales could believe that the price of the digital asset may have hit its bottom. Will BTC Continue Uptrend? Bitcoin is now trading comfortably above the $17,000 level after a late weekend rally pushed it above the important technical level. At current prices, the digital asset is tethering just around its 50-day moving average of $17,212, which puts it in a precarious position. Such levels mean that the price of the cryptocurrency could swing either way and what\u2019s more, is that it wouldn\u2019t take much to trigger a tilt. So while the accumulation of these large whales may have been part of the trigger for the uptrend, there needs to be more demand for BTC to continue upwards and break successfully above its 50-day moving average. BTC price trending above $17,300 | Source: BTCUSD on TradingView.com If it were to fall below this level, then support for BTC is still sitting at $16,600 and this could mean a freewill to lose around $500 off bitcoin\u2019s value. However, if momentum were to pick up, then BTC will test the $17,500 resistance before the end of the week. Related Reading: This Sub-$1 Billion Crypto Is Leading Market Gains, Here\u2019s The Reason Bitcoin is currently trading at $17,213 at the time of this writing. It is up 0.06% in the last day and seeing gains of 2.95% in the last 7 days. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Watcher Guru, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":515616,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,19064,1119,1144,78790,14781],"class_list":["post-515610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-whales","tag-btc","tag-btcusd","tag-btcusdt","tag-whales"],"acf":[],"yoast_head":"\nBullish Signal: Bitcoin Whales Go On 20,000 BTC Buying Spree<\/title>\n<meta name=\"description\" content=\"Bitcoin whales have now started accumulating BTC once more. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bullish Signal: Bitcoin Whales Go On 20,000 BTC Buying Spree","url":"http:\/\/wncen.com\/news\/bitcoin-whales-go-on-buying-spree\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-whales-go-on-buying-spree\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-whales.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-whales.jpeg?fit=1040%2C815"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","bitcoin whales","btc","btcusd","btcusdt","whales"],"dateCreated":"2023-01-10T23:00:25Z","datePublished":"2023-01-10T23:00:25Z","dateModified":"2024-06-11T08:09:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bullish Signal: Bitcoin Whales Go On 20,000 BTC Buying Spree\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-go-on-buying-spree\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-whales-go-on-buying-spree\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin-whales.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin-whales.jpeg?fit=1040%2C815\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"bitcoin whales\",\"btc\",\"btcusd\",\"btcusdt\",\"whales\"],\"dateCreated\":\"2023-01-10T23:00:25Z\",\"datePublished\":\"2023-01-10T23:00:25Z\",\"dateModified\":\"2024-06-11T08:09:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin-whales.jpeg?fit=1040%2C815","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515610"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=515610"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/515610\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515616"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=515610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=515610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=515610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}