- BTC was able to reclaim the $60,000 price range after days off it.
The number of active addresses declined in the past week.
As a researcher with extensive experience in analyzing Bitcoin and the crypto market, I find it intriguing how the price of Bitcoin was able to reclaim the $60,000 range after days of volatility. The recent acquisition of large amounts of Bitcoin by whales, as evidenced by data from IntoTheBlock, adds confidence to their belief in Bitcoin’s future value.
In spite of Bitcoin‘s [BTC] volatile price movements in the past few weeks, pushing it out of the $60,000 bracket, the cryptocurrency has regained its footing and returned to this price level. Notably, significant investors, commonly known as “whales,” have persisted in purchasing more Bitcoin during this turbulent spell.
In the past 24 hours, Bitcoin’s price and the broader crypto market have experienced a notable surge, which correlates with recent reports of an assassination attempt against ex-US president Donald Trump.
The occurrence of this event has fueled market discussions about how Trump’s prospects for winning the upcoming election may have been boosted.
Whales add more Bitcoin to holdings
According to recent data from IntoTheBlock, Bitcoin’s large-scale investors (whales) have been purchasing more coins during the last seven days.
Last week, roughly 71,000 Bitcoins were transferred into large-scale investor wallets, equating to a purchase value of more than $4 billion based on an average Bitcoin price of around $57,000 during that time.
These major investors’ substantial commitment underscores their faith in Bitcoin’s potential worth.
As a researcher examining Bitcoin transactions, I’ve discovered an intriguing trend: wallets containing between 1,000 and 10,000 Bitcoins have been quite active recently. This group of investors seems to be the primary drivers behind the current wave of significant Bitcoin transfers, or “whale activity.”
From my perspective as a crypto investor, currently, these wallets collectively possess approximately 4.7 million Bitcoins. This fact signifies the strong optimism among large-scale investors and could potentially signal the concentration of significant wealth within the Bitcoin network.
Bitcoin breaks immediate resistance
Based on an analysis of Bitcoin’s daily chart conducted by AMBCrypto, there was observed a succession of upward trends toward the end of the previous week.
As a researcher studying the cryptocurrency market, on the 12th of July, I observed that Bitcoin (BTC) experienced a nearly 1% price hike, bringing its value close to the $58,000 mark. The day after, BTC showed more substantial growth, with an increase of over 2%, pushing its price above $59,000.
Lately, Bitcoin has surged past the $60,000 threshold by more than 1%, reaching around $60,030 – a 1.3% growth.
The significant increase in its cost occurred concurrently with the announcement of the assassination attempt against Donald Trump. This alignment implies that the incident might have played a role in market fluctuations, as investors typically respond to significant political occurrences.
It presents speculative opportunities based on their interpretations of the news.
As a crypto investor, I’ve noticed that Bitcoin’s price fluctuations have brought its Relative Strength Index (RSI) quite close to the neutral line without crossing it yet. This indicates that despite Bitcoin being in a bear trend, the intensity of the downtrend has been lessening.
As a researcher studying Bitcoin’s price movements, I’ve observed that the cryptocurrency has successfully breached the resistance established by its long-term moving average (represented by the blue line). Nevertheless, it encounters resistance around $64,000, which is suggested by its short-term moving average (denoted by the yellow line).
The complex blend of positive and negative signals in the Bitcoin market indicates we’re in a pivotal moment, potentially leading to a prolonged period of growth.
Active addresses decline
In contrast to the surge in Bitcoin’s value and large-scale buying from whales, there’s been a noteworthy decrease in the amount of active Bitcoin addresses in the past few days.
Read Bitcoin (BTC) Price Prediction 2024-25
As a researcher analyzing the seven-day chart of daily active addresses on Santiment, I observed a decrease in engagement. Initially, around 3.9 million active addresses were recorded at the start of the week.
However, according to the latest data, this number has decreased to around 3.5 million.
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2024-07-14 20:07