Bullish sign: Bitcoin whale amasses $90 million in a month
Investors with high capital have been steadily accumulating Bitcoin (BTC) this year, resulting in the cryptocurrency’s price reaching an all-time high. This accumulation can be observed through large Bitcoin wallet addresses, often referred to as whales.
Specifically, one Bitcoin whale has acquired 1,308 BTC, which is worth nearly $90 million, since March 6. The address ‘bc1qag725vjxxpkkl5gshfkye9xn4p5vklrlhgkw5w’ currently holds this amount at an average cost of $68,617 per coin, according to Lookonchain’s post.
It is noteworthy that the whale’s most recent purchase was a Binance withdrawal of 113.735 BTC, worth over $7.85 million, on April 7. This transaction was the second-largest purchase made by the Bitcoin whale during this month of accumulation. The largest single purchase, with a value exceeding $8 million, was made on April 3 and amounted to 123.128 BTC.
Analysis of BTC price
At the time of writing, Bitcoin is being traded at $70,117, once again encompassing a price range that was lost on April 2. This range’s upper and lower limits, $71,500 and $68,500 respectively, now serve as significant resistance and support levels.
From a technical analysis perspective, Bitcoin exhibits a short-term uptrend aiming for $71,500, after which further decisions will be made. Additionally, the Relative Strength Index (RSI) in the 4-hour timeframe indicates a strong momentum and bullish signal for Bitcoin whales to invest.
Further bullish indications for Bitcoin whales and investors
Meanwhile, Finbold has been reporting various positive signals for Bitcoin whales and investors throughout the week. For instance, a market cycle analysis predicts the “most aggressive bull cycle” in Bitcoin’s history, resulting in new highs.
CoinGlass data suggests a potential short squeeze above $72,000 for Bitcoin, due to a large number of leveraged liquidations accumulating in that zone. Bitcoin whales may target this area for increased profits in a potential surge that breaks through the resistance level.
Nonetheless, despite the positive activity of whales and technical bullish signals, the Bitcoin community faces fundamental uncertainties. The recent launch of Roger Ver’s book, ‘Hijacking Bitcoin: The Hidden History of BTC,’ on April 5 has created some controversy and questioned historical beliefs. However, attention may shift to bullish economic fundamentals with the upcoming Bitcoin halving expected on April 20.
Overall, Bitcoin’s future price action remains uncertain, but the prevailing sentiment leans towards a bullish bias. Investors should conduct thorough research and be aware of the associated risks and opportunities when investing in BTC.
Disclaimer: The information provided in this article should not be considered as investment advice. Investing involves speculation, and there is a risk of capital loss.