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Whales’ activity could make it challenging for Bitcoin price to reach the $30,000 milestone

Since Bitcoin price flooded past the $27,000 mark in Spring, many have pondered when it would come to the sought-after $30,000 achievement. Sadly, this month also saw an increase in the volume of large transactions carried out by whales, which may make it harder for Bitcoin to reach that new price range.

According to Santiment, a significant transaction totaling 20,000 BTC was carried out on March 31. Especially noteworthy is the fact that this is one of the top five largest monthly transactions. Because of these most recent transactions, March has the most BTC in the first quarter of 2023.


Significantly, the flood in Bitcoin exchanges by whales in Spring matched with a synchronous expansion in the cost of BTC. Additionally, while the number of addresses for whales has steadily risen, the proportion of whale holdings has declined.

This dynamic suggested that the price of Bitcoin might have been affected by whale activity in March and that the situation might continue to develop unpredictably unpredictable ways.

According to a recent Santiment chart that looked at the holdings of sharks and whales, whales had BTC until January. However, their percentage of BTC supply held decreased after January.

Interestingly, BTC’s price rose during this time, moving from $18,000 to $20,000. The decrease in the Level of BTC supply held by whales showed benefit-taking, which started after BTC’s cost increment.

whales-activity-could-make-it-challenging-for-bitcoin-price-to-reach-the-30000-milestone

Source: Santiment

While the actual number of BTC held by whales was still rising, the percentage of BTC held by whales has decreased. Throughout March, the number of active sharks and whales and more dormant whales/exchange addresses has been rising slowly.

However, the sluggish pace of this increase suggested that sell pressure outweighed accumulation at press time in the market. This may exacerbate the unpredictability and volatility of Bitcoin’s price movements.

whales-activity-could-make-it-challenging-for-bitcoin-price-to-reach-the-30000-milestone

Source: Santiment

In March, examining the supply of Bitcoin on exchanges revealed a strong response to the price trend. The supply of Bitcoin on exchanges exploded beginning on March 12 and continued until March 22, when the price of BTC experienced a slight downtrend.

This dynamic suggested that BTC holders hesitated to sell once the price fell below a certain level because they wanted to take advantage of the high range.

It may be difficult for Bitcoin to easily break through the $30,000 price range due to the recent surge in profit-taking by BTC holders at higher price levels. BTC may drop in price before rallying and ultimately breaking through the $30,000 price resistance based on the current price trajectory.

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