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Here's Why Bitcoin (BTC) Price Is Going Up

Thu, 08/24/2023 - 08:27
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Arman Shirinyan
Bitcoin's most recent price actions require some explaining
Here's Why Bitcoin (BTC) Price Is Going Up
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Bitcoin has been making headlines recently as its price surged as high as $26,800 on Wednesday. This uptick in price comes as key whale and shark addresses have started accumulating Bitcoin once again. According to available data, there are currently 156,660 wallets holding between 10 and 10,000 BTC, and these addresses have collectively accumulated $308.6 million worth of Bitcoin since Aug. 17.

Price analysis

As of the most recent data, Bitcoin is trading at approximately $26,447. Over the past month, the cryptocurrency has shown signs of recovery, and the current price level suggests that the upward momentum is strong. Accumulation by whale and shark addresses indicates bullish sentiment among significant holders, which often serves as a precursor to a broader market rally.

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What's driving price?

Whale accumulation: The fact that key whale and shark addresses are accumulating Bitcoin is a strong indicator of confidence in the asset. These large holders have the power to influence market trends, and their collective buying action is a bullish sign.

Market sentiment: The overall market sentiment appears to be positive, with investors showing renewed interest in Bitcoin. This could be due to various factors, including geopolitical tensions and inflation fears, which traditionally drive people to "safe-haven" assets like Bitcoin.

Technical indicators: While technical analysis is not a 100% guaranteed method of predicting price movements, current price levels and trading volumes suggest that Bitcoin could be gearing up for another rally.

Future outlook

Given the current trends and renewed interest from large holders, it would not be surprising to see Bitcoin test new resistance levels in the coming weeks. However, as always in crypto, it is crucial to do your own research and exercise caution.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.