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Bitcoin Bullish Sign: Here's Which Indicator of Possible BTC Breakout to Watch: Report

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Mon, 24/07/2023 - 13:19
Bitcoin Bullish Sign: Here's Which Indicator of Possible BTC Breakout to Watch: Report
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In a recent tweet, on-chain data aggregator Santiment mentioned a brief surge of Bitcoin above the $30,000 level, saying that there is one important factor that traders are recommended to keep an eye on if they look forward to a BTC price breakout this summer.

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Number of large BTC wallets matters

According to Santiment, it is worth keeping an eye on whether the number of big BTC wallets holding 100 Bitcoins and more will resume rising or not.

If the number of these whale addresses begins to rise, the odds are that Bitcoin will break out. The analysts of Santiment did not mention the level that BTC may surge to.

Important Bitcoin metric hits new ATH

Glassnode data agency has reported that the Bitcoin Long-Term Holder Supply of BTC has hit a new historic peak of 14.52 million Bitcoin. This is equal to 75% of the overall supply circulating on the market.

This data indicates, per Glassnode, that mature crypto investors are focused on the hodling strategy now.

Dormant Bitcoin whale comes to life

As reported by U.Today, over the weekend, a wallet that had seen its latest operation more than 11 years ago became active and transferred 1,037 BTC worth $37.8 million.

Eleven point three (11.3) years ago, when it was last active (in 2012), this amount of BTC cost merely $5,107, and Bitcoin traded at $4.92. This wallet made its final transaction, before stalling two years after the mysterious Bitcoin creator Satoshi Nakamoto went off the radar and passed BTC on to the crypto community.

This was not the only dormant wallet that stirred last week. Several ancient whales got back to digital life last week; however, they held not Bitcoin but Ethereum purchased during the ICO in 2014.

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