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Bitcoin Surpasses $31,400, Rising Thanks to Momentum

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Mon, 6/06/2022 - 11:11
Bitcoin Surpasses $31,400, Rising Thanks to Momentum
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Bitcoin has managed to reverse its fall, rising above the $31,400 level after a bearish weekend and adding 5.1% to its USD exchange rate.

Ethereum and other top cryptos have been following the king crypto to the North, with ETH rising 5.2%.

Meanwhile, mega whales' BTC balances have been noticed reaching the highest peak this year.

Bitcoin gains momentum

Bloomberg has cited a Fairlead Strategies co-founder, Katie Stockton, who said on Friday in a written statement that Bitcoin had managed to stabilize after the past few bearish few weeks, thanks to short-term momentum.

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Image via CoinMarketCap

According to her, thanks to Tom DeMark's TD Sequential model, a short-term counter-trend buying signal was spotted, which assumed a high chance of an oversold bounce for the flagship cryptocurrency.

Bitcoin has been drifting around the $30,000 zone for several weeks now, failing to live up to bearish expectations of diving deeper, unable to go up at the same time.

The BTC decline started when the Federal Reserve announced the historic interest rate hike and got stronger with the recent collapse of Terra's LUNA and the UST algorithmic stablecoin.

Related

Mega whale wallets' BTC balances soar to ATH

In the meantime, the buying activity of large Bitcoin wallets, part of which are located on exchanges, has seen a substantial increase.

Santiment has shared that mega whale addresses that hold between 100+ and 10,000+ Bitcoins have been accumulating heavily this year and, by now, they hold their biggest supply of BTC in 2022.

All-in-all, according to the posted chart, these wallets now hold nearly 12% of the total Bitcoin supply. Over the past 20 weeks, these whales have increased their BTC stashes by 12.8%.

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