TL;DR
- The price of Bitcoin has surpassed $68,000, supported by a solid support level at $65,500, coinciding with a historic record of over 670,000 BTC in ‘whale holdings.‘
- In two weeks, the number of wallets holding more than 100 BTC has increased by 297%, indicating a rise in confidence among investors and suggesting a potential stabilization of the price.
- Despite the rebound, retail investors remain cautious following the recent rejection at the $69,000 level, and it is crucial for BTC to overcome this resistance to continue the upward trend.
The price of Bitcoin (BTC) has rebounded, exceeding $68,000 after finding robust support at $65,500. This price increase coincides with a rise in ‘whale holdings,’ which have reached a historic record of over 670,000 BTC. This indicates a resurgence of confidence among investors in the cryptocurrency, suggesting that the recent market correction may have come to an end.
In the last two weeks, there has been a 297% increase in the number of wallets holding more than 100 BTC. This increase is a positive indicator for the investor community, as ‘whale holdings’ typically influence the price stability of Bitcoin.
According to CryptoQuant, when these holdings increase, the price tends to stabilize or experience slight declines, which can be a precursor to favorable future price movements. Additionally, the firm noted that significant price growth for Bitcoin often occurs when these holdings experience a negative percentage change.
Bitcoin Must Overcome Resistances Before U.S. Elections
Further analysis by Santiment reveals that while 297 new whale wallets were created, smaller wallets holding less than 100 BTC decreased by 20,629. This behavior suggests that larger holders are consolidating their assets, which has historically been interpreted as a bullish signal in the market.
In the Bitcoin ETF market, strong inflows have been recorded, particularly towards BlackRock’s ETF, which has accumulated nearly 30,000 BTC over the last nine trading days. This volume represents more than 2% of the total circulating supply of Bitcoin.
Despite the rebound and the positive data regarding whale holdings, retail investors maintain a cautious stance following Bitcoin’s recent rejection at the $69,000 level. To sustain the upward trend, it is crucial for BTC to surpass this resistance. CryptoQuant warns that if the cryptocurrency does not establish a new all-time high before the upcoming U.S. presidential elections, it could face challenges in the current bullish cycle
