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64,000 BTC Added by Bitcoin Whales to Holdings as Price Seeks to Reclaim $30K

Sat, 04/29/2023 - 10:57
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Tomiwabold Olajide
Bitcoin whales have been quietly accumulating
64,000 BTC Added by Bitcoin Whales to Holdings as Price Seeks to Reclaim $30K
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According to on-chain analytics firm Santiment, Bitcoin whales have been quietly accumulating again since profit-taking occurred above $30,000 on April 11.

It should be recalled that the Bitcoin price found resistance in its path higher, reverting from the highs near $31,050 on April 14 back down to a low of $26,965 on April 24.

In terms of price performance, the beginning of 2023 has been historically good. There have been very few notable corrections along the road, with the largest being -18.6%.

Santiment notes that since mid-April, as prices wavered and dipped down slightly, addresses holding 100 to 10,000 BTC have collectively added 64,094 coins back to their bags. Whales or large holders are often known to accumulate at a discount during periods of dip or consolidation.

Glassnode also observed that Bitcoin HODLers have returned to the prevailing regime of accumulation following a brief period of aggressive distribution during the depths of the bear market.

Related
Bitcoin (BTC) Recovers Back to $28,000, Driven by These Two Factors: Details

At the time of writing, Bitcoin was trading above $29,000. The lead asset was marginally up in the last 24 hours at $29,301. Bitcoin declined after touching highs of $30,050 on Wednesday.

Currently, Bitcoin's move to regain the $30,000 mark once again has not yielded, as it currently trades in the $28,000 to $29,900 range.

Buy more Bitcoin: Rich Dad, Poor Dad author

Citing George Orwell's 1984 book, "Big Brother is Coming," author Robert Kiyosaki encourages his followers to buy gold, silver and Bitcoin.

The financial market crisis is deepening, as according to Reuters, U.S. officials are coordinating urgent talks to rescue First Republic Bank as private-sector efforts led by the bank's advisers have yet to reach a deal.

First Republic became the epicenter of the U.S. regional banking crisis in March after wealthy clients started withdrawing deposits, leaving the bank reeling.

Economist and gold bug Peter Schiff predicts an impending crisis, saying the real crisis will be that of the U.S. Dollar. He predicts the next leg up in inflation will force interest rates higher as the economy sinks into recession.

For Bitcoin, Glassnode observes that the market appears less decisive than it has been in the first quarter of the year, noting that accumulation and distribution behavior across several wallet cohorts remain mixed at the moment.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.