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Bitcoin Attempts Recovery from Dip, Here Is a Positive Sign to Watch per Santiment

Mon, 02/28/2022 - 14:12
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Tomiwabold Olajide
Bitcoin tries to salvage declines, and here is a promising sign to watch per Santiment
Bitcoin Attempts Recovery from Dip, Here Is a Positive Sign to Watch per Santiment
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On-chain analytics platform Santiment reports that Bitcoin has remained closely pegged to equities as traders await a breakout sign. Santiment notes that skewing toward Gold and decoupling from stocks might be a positive sign for a Bitcoin recovery.

The Bitcoin price is attempting a foothold near the $38K mark on Monday, hinting at higher inflation ahead.

BTC/USD Daily Chart, Courtesy: TradingView

Charlie Bilello, founder and CEO of Compound Capital Advisors, tweeted that the Fed's balance sheet has hit another record high at $8.93 trillion, more than doubling over the past two years as the Fed continues bonds buying. U.S. inflation also hit a 40-year high in the present month.

At press time, Bitcoin was changing hands near $38,315, representing a near 1% gain on the day. Earlier, prices dropped to lows of $37,020 on Feb. 27, indicating negative cues to traditional markets.

Bitcoin accumulation switches to retail holders

On-chain analytics firm Glassnode reports most Bitcoin wallet cohorts are now in net accumulation, with smaller holders being the most aggressive.

Shortly after whales' actions, retail investors seem to be scooping up Bitcoin tokens at a discount amid the present market volatility concerning short-term price action for cryptocurrencies.

On-chain analytics, firm Santiment earlier reported massive Bitcoin accumulation for whales when Bitcoin marked lows at $34,322, noting the largest amount of transactions larger than $100,000 and $1 million since Jan. 24.

As Bitcoin prices bottomed out at $34.7k, whales have made some MASSIVE transactions. This has been the largest amount of both $100k+ and $1m+ $BTC transactions since Jan. 24th, when prices jumped +15% the week following.

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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.