Bitcoin price has come real close to breaking above $23,000 for the 1st time since August 2021

For the first time since August 2021, Bitcoin price is very close to breaching the $23,000 price threshold. The price of Bitcoin has increased by almost 9% in the last day, or around $2,000 overnight.

bitcoin-price-has-come-real-close-to-breaking-above-23000-for-the-1st-time-since-august-2021

BTC/USD 1H chart | Source: TradingView

Santiment claims that one of the primary causes of such a significant price increase is the recent activity of a sizable herd of high-tier whales. The company’s analysts estimate that these wallets can hold 1,000–10,000 bitcoins. They have jointly purchased BTC worth $1.46 billion over the last two weeks. That is 64,638 coins, to be exact.

Between February and December last year, these whales were busy selling their Bitcoins. In the previous 15 days, they have restarted their aggressive buying.

Despite being well behind prior years’ all-time highs of almost $69,000, the price increase was similar to last weekend’s growth. Since the beginning of the year, the biggest cryptocurrency has increased as a little more upbeat macro picture has developed.

The rest of the cryptocurrency market’s current positive performance can be attributed to Bitcoin’s rapid development.

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