<

Whale Accumulation of Bitcoin Boosts Price to 28-29k USD Range

In a recent report by CryptoQuant, it was revealed that the price of Bitcoin has shown signs of potential recovery with an 8% increase to the range of 28-29k USD. This news comes as the STH-SOPR has once again risen above 1, indicating a positive trend for Bitcoin’s future price prospects.

The UTXO Value Bands indicator was used to analyze the behaviors of whales and retail investors based on the amount of coins they hold and price actions. By monitoring shifts in UTXO Value Bands, the report provided valuable insights into market dynamics and participant behavior.

During the analysis of 10k+ cohorts or wallets holding a minimum of 10,000 bitcoins, a notable increase in their supply by 32,990 BTC was observed. This increase took place while the price of Bitcoin was trading below $28,000. Specifically, the supply of these large wallets grew from 1,779,971 BTC to 1,812,961 BTC.

The report suggests that this increase in supply from these large wallets had a discernible impact on the upward movement of the Bitcoin price. It indicates that these whales or large investors were accumulating more Bitcoin during a period of relatively low prices, suggesting their confidence in the future price prospects of Bitcoin and their willingness to hold and accumulate more at lower price levels.

The news of the potential recovery of Bitcoin’s price and the confidence of large investors in its future prospects is a positive development for the cryptocurrency market. As the world becomes increasingly digital and decentralized, cryptocurrencies are likely to become even more prevalent in our daily lives, and their values are likely to continue to rise in the future.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

Follow us on Reddit

You might also like

LATEST NEWS

LASTEST NEWS