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What are Bitcoin [BTC] whales up to? Decoding…

2min Read
Bitcoin Whales are up to something interesting: Here is what you need to know

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  • BTC’s accumulation trend was interesting and could influence BTC’s price.
  • On-chain metrics painted a neutral picture as a few of them supported the bulls. 

On 23 February, Santiment pointed out an interesting trend in Bitcoin [BTC] accumulation among sharks and whales. As per the tweet, addresses with 100-1000 BTC became stagnant while BTC’s price hovered within the range of $23,000 – $25,000. 

Read Bitcoin’s [BTC] Price Prediction 2023-24

On the other hand, addresses with a balance of 1,000 – 10,000 BTC continued to decline. The tweet also highlighted the possibility of a northbound breakout of BTC’s price if addresses with 1,000 – 10,000 BTC registered an increase in the coming days. 

This can be a good buying opportunity 

Joaowedson, an analyst and author at CryptoQuant, published an analysis on 24 February, which pointed out the current market trend for BTC. As per the analysis, the 350-day moving average (MA) and the 100-day exponential moving average (EMA) of the Taker Buy Sell Ratio indicator can identify changes in Bitcoin’s price trend. 

Local bottoms and tops in the price of bitcoin can be identified when the 100-day exponential moving average crosses a fixed value line of 1. Looking at the current chart, there was a good buying opportunity as the 100-day EMA reached the fixed value line of 1. 

Where is the market heading? 

According to CoinMarketCap, BTC’s price registered a decline of nearly 2.5% in the last 24 hours, and at the time of writing, it was trading at $23,942.46 with a market capitalization of more than $462 billion. A deeper look at BTC’s on-chain metrics provided by CryptoQuant gave a better understanding of the market condition and shed light on the path BTC might take in the coming days. 

Is your portfolio green? Check the Bitcoin Profit Calculator

For instance, BTC’s exchange reserve was decreasing, which was a development in the buyers’ favor, as it indicated lower selling pressure. Another positive metric was BTC’s funding rate, as the long position traders were dominant and willing to pay short position traders. Moreover, BTC’s exchange outflow was also consistently high, which was a bullish signal. 

However, not everything was working in BTC’s favor. The king coin’s MVRV Ratio registered a decline over the last week. BTC’s aSORP was also red, suggesting that more investors were selling at a profit.

Source: Santiment


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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