Communication econometrics with a focus on cryptocurrency Report There are positive changes in the Bitcoin holdings of addresses that control 1,000-10,000 BTC. Therefore, based on the increase in account balances throughout August, Ecoinometrics found the renewed sentiment of holdings in the “whale”, suggesting that wealthy investors believe that the current Bitcoin price level is attractive for bullish bets.
Xiaoyu’s sentiment seems to be the same-Bitcoin investors holding less than 1 BTC. Ecoinometrics reports that they have been accumulating Bitcoin holdings since June and have also absorbed Selling pressure from whales. Their buying sentiment coincided with the price increase to $50,000, which is a key psychological resistance level.
“Recently, there have been some on-chain disagreements among the small fish who are accumulating coins. [and] The whale unloading the coin,” Tweet Econometrics on Sunday.
“This is not ideal [for supporting] The price of Bitcoin, but it looks like things are changing! The whale is picking up. “
The blockchain analysis platform Glassnode also Report Xiaoyu’s buying sentiment surged. In detail, the number of addresses holding at least 0.1 BTC reached a three-month high of 3,231,069 on Monday, further verifying the above increase in holdings.
At the same time, Glassnode’s unspent transaction output (UTXO) data alert showed a range of $45,000 to $50,000, with the whale recently surrendering as a strong support area.
“The on-chain cost of more than 1.65 million BTC is now between US$45,000 and US$50,000,” the platform Tweet On Monday, add:
“The $31,000 to $40,000 area is also home to another 2.98 million BTC, which shows that there is a great demand for accumulation.”
Bitcoin stands on the “green wave”
As the Bitcoin market waited for a clear breakthrough above $50,000, whale and fish alarms surfaced.
For now, since Friday, the BTC/USD exchange rate has been consolidating below the above resistance level. In the process, the currency pair also found temporary support above $47,000, which more or less coincided with the bottom of the 20-day exponential moving average (20-day EMA; the green wave in the chart below).
Historically, a break below the 20-day EMA would prompt traders to move their downside target to the 50-day EMA (currently close to $43,500). Popular market analyst Rekt Capital also put forward an outlook, emphasizing the level of around $43,500 as the next support range for Bitcoin.
— Rekt Capital (@rektcapital) August 30, 2021
Xiaoyu has accumulated Bitcoin ruthlessly in the range of US$40,000 to US$50,000, and there is no sign of a trend reversal in the past 30 days. On the other hand, when Bitcoin entered the $45,000 to $50,000 range, the whale experienced a surrender period.
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