Bitcoin Whales Go On 20,000 BTC Buying Spree

Bitcoin whales have now began accumulating BTC over again. 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 possibly be more movement on the horizon for bitcoin.

Bitcoin Whales Fill Up Their Bags

Data from on-chain aggregator Santiment shows that enormous bitcoin whales holding between 1,000-10,000 BTC are accelerating their accumulation. Over the past five days, these large investors have added greater than 20,000 BTC to their balances, making it a major accumulation trend.

Because of this, these bitcoin whales now hold a complete of 4.57 million BTC. This figure represents 23.7% of the overall circulating BTC supply as of this moment, suggesting that this accumulation could have factored into the recovery trend recorded by bitcoin during the last two days.

BTC whales accumulate over 20,000 coins | Source: Twitter

The buildup 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 a part of these large wallets. 

Nevertheless, the brand new accumulation of information points to a more long-term play on the parts of those whales. It also shows a willingness to purchase at current levels which could mean that enormous BTC whales could consider that the worth of the digital asset could have hit its bottom.

Will BTC Proceed Uptrend?

Bitcoin is now trading comfortably above the $17,000 level after a late weekend rally pushed it above the vital 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 worth of the cryptocurrency could swing either way and what’s more, is that it wouldn’t take much to trigger a tilt. So while the buildup of those large whales could have been a part of the trigger for the uptrend, there must be more demand for BTC to proceed upwards and break successfully above its 50-day moving average.

Bitcoin price chart from TradingView.com

BTC price trending above $17,300 | Source: BTCUSD on TradingView.com

If it were to fall below this level, then support for BTC remains to be sitting at $16,600 and this might mean a freewill to lose around $500 off bitcoin’s value. Nevertheless, if momentum were to choose up, then BTC will test the $17,500 resistance before the top of the week.

Bitcoin is currently trading at $17,213 on the time of this writing. It’s up 0.06% within the last day and seeing gains of two.95% within the last 7 days.

Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from Watcher Guru, chart from TradingView.com

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