March 27, 2024
Bitcoin Consolidates at $42,500 as Whales Accumulate Over 19k BTC
Bitcoin News

Bitcoin Consolidates at $42,500 as Whales Accumulate Over 19k BTC

Bitcoin (BTC) is currently consolidating around the $42,500 level as the holiday season concludes and the new year, 2024, commences. Recent data indicates a positive outlook as two significant whales have amassed a considerable amount of BTC.

As of the time of writing, Bitcoin has experienced a marginal 0.5% decrease in the last 24 hours, settling at $42,450. The cryptocurrency’s market capitalization remains above $831 billion, accompanied by a daily trading volume of $27.7 billion.

On-chain analytics reveal that, within the past day, two whales have gathered a total of 19,349 BTC, valued at over $820 million at the current market price. Notably, one whale transferred 9,723 BTC, while the other moved 9,624 coins from Coinbase to two newly established wallets.

According to insights from Santiment, transactions involving whales—defined as those with at least $100,000 worth of BTC—have seen a notable 13.4% increase in the past 24 hours, escalating from 6,559 to 7,438 unique transactions in a single day.

There has been a consistent decline in Bitcoin whale transactions between December 22 and 26. Additionally, the total number of Bitcoin addresses has consistently risen since November 28, reaching a record high of 52.44 million unique wallets, according to Santiment.

In light of recent market dynamics, there is speculation that Bitcoin may be on the cusp of a new upward price movement. Santiment notes that Bitcoin’s Relative Strength Index (RSI) has decreased from 64 to 57 in the past 24 hours. A lower RSI suggests a more favorable potential for a price surge.

For Bitcoin to sustain a bullish trend, it is crucial for the RSI indicator to remain below the 60 mark.

Photo by Crypto Crow

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