Is Bitcoin Preparing For A New Rally?Saved nearly $1 billion a week

Analyst firm Santiment points to this indicator that Bitcoin may be gearing up for a rally

After a volatile week, the cryptocurrency market started the first day of the new week with gains. Bitcoin (BTC) fell to the $19,600 level in the last week, before rising to the $22,600 price level after a recent increase in value. During the period when BTC fell to critical price levels, cryptocurrency whales may once again enter the accumulation phase, according to cryptocurrency analysis firm Santiment.

Bitcoin (BTC) Starts the Week with an Uptrend

Leading cryptocurrency Bitcoin (BTC), which fell to the $19,600 price level last week, started the new week on the first day of the new week and started trading at the $22,600 price level, with closing gains reduced to 10%. Most of the cryptocurrencies in the market have been on the rise since last night and accelerated their value growth after falling from their highs in the past 1 week. According to CoinMarketCap, the total cryptocurrency market capitalization has once again exceeded $1 trillion. On the other hand, the volatility of the market also showed a clear upward trend. Over $200 million in short and long positions were liquidated in the past 24 hours, according to data from Coinglass.

Santiment shares current data

Cryptocurrency analysis firm Santiment reported that addresses that hold large amounts of crypto assets in their portfolios and have been described as “whales” in the cryptocurrency ecosystem have significantly increased their savings during BTC’s decline to critical price levels. According to data shared by Santiment, addresses holding between 10 and 10,000 BTC in wallets purchased 40,557 BTC at current prices last week, worth $821.5 million. While Santiment said the current data may indicate a recovery in the cryptocurrency market, many cryptocurrency analysts said that the developments of the past few weeks, especially the news from Silvergate Bank and Silicon Valley Bank, may extend the downward momentum of the cryptocurrency market. market.

The information contained herein does not constitute investment advice. Investors should be aware that cryptocurrencies are risky due to their high volatility and should base their trades on their own research.

Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Ali Eren Girişken and may not be reproduced without permission

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