Despite macroeconomic headwinds, Bitcoin whales have fared better than traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength once again yesterday.
As the US Federal Reserve sent unusual signals during the FOMC presser, causing the S&P500 to fall 2.5%, BTC managed to maintain above the psychologically important $20,000 mark.
Bitcoin whales stacking sets
As on-chain data indicates, whales may be responsible for the performance of recent weeks. As an anonymous analyst wrote via Twitter, around 9 new addresses with between 10,000 and 100,000 BTC have been created on the network since September 20th, accumulating around 190,000 BTC worth around $3.8 billion.
According to Glassnode data, there are now 104 addresses with more than 10,000 BTC. In this sense, the arrival of nine new correspondences is quite remarkable.
The entities or individuals behind the addresses can only be guessed at. Thus, it is not clear whether they are new investors investing in BTC for the first time or old friends continuing to deposit at new addresses.
Since these are only addresses, more than one address can potentially belong to the same entity. However, a pattern has emerged in recent weeks. While demand from the Asian market has slowed significantly, American investors are stepping in and accumulating bitcoin.
The Coinbase Premium Gap (14DMA) shows that because of July 28, 2022, the primary interest has come from US traders, although the price of BTC has been volatile and falling frequently.
Further analysis of the wheel map shows that the wheel has increased buying Bitcoin whales in the $19,000 to $19,400 range. The analytics firm estimates the whales accumulated around 120,000 BTC in September. Therefore, this area should also become the closest support.
Has the price of BTC gone down?
As NewsBTC reported, Glassnode, one of the leading on-chain data analysis firms, recently released a report stating that several metrics provide a relatively consistent argument that the Bitcoin market is down. has reached According to the research, the current numbers are “almost textbook” compared to the last cycle’s lows.
Another reliable on-chain indicator, NUPL (Net Unrealized Profit/Loss), also points to a downside formation. NUPL looks at the difference between unrealized income and unrealized loss to decide whether the community as an entire is presently in an income or loss situation. In this regard, the anonymous analyst says:
According to TA, a credible move for Bitcoin just needs to break above the 7-week high of $21,000.
At the time of going to press, Bitcoin price was yet to breach the 100-day moving average at $20.775. The longer-term trend indicator, the 200-day moving average, is quite distant and sits just above $24,200.