Popular crypto tracking service Whale Alert, which traces big crypto transactions, has shared that just recently, four consecutive transactions shifted a whopping 47,846 Bitcoins in four lumps.
In the meantime, a recent Santiment report shows that Bitcoin has been showing signs of a price revival, and the Bitcoin hashrate has reached another all-time high, despite the price staying low.
Whales move nearly $1 billion in BTC, Bitcoin shows signs of reversal
Nearly 48,000 BTC were shifted in four transactions — three of them carrying nearly 13,000 BTC each. In total, these four transfers were evaluated at $939.8 million.
All of the transactions were sent from different wallets to different addresses, with not a single address being used more than once. It seems that the whales have been redistributing their holdings.
Meanwhile, a recent report published by Santiment data aggregator shows that the long-term metrics of Bitcoin have been demonstrating signs of a reverse for several months already, even though the price remains in the lows.
The indicators that are showing signs positive for Bitcoin are MDIA (no distribution of BTC has been occurring for a long time now) and MVRV, social volume and weighted sentiment, and network-realised-profit-loss (NRPL).
📊 #Bitcoin's long-term metrics have shown encouraging signs of a turnaround for a few months now, despite prices being stuck in the mud. Our latest insight touches on the network's losses, & the low discussion rates while #altcoiners look for quick pumps. https://t.co/daOG9rwszg pic.twitter.com/Q9QCZe7lnY— Santiment (@santimentfeed) October 17, 2022
Bitcoin on verge of breakout: Weiss Crypto
On Oct. 17, Weiss Crypto, a cryptocurrency-focused arm of Weiss Ratings agency, stated that despite the unimpressive market performance over the weekend, the flagship cryptocurrency, Bitcoin, may be on the verge of a breakout, judging by the behavior of technical indicators.
The report stated that Bitcoin is "very bullish in the technical sense."
Besides, the fact that the BTC hashrate reached a new peak the other day also confirms the probability of a breakout happening soon.
Bitcoin price action
At the time of this writing, the leading digital cryptocurrency is changing hands at the $19,537 level, up 1.49% in the past 24 hours, according to CoinMarketCap. Bitcoin is trying to regain its recent losses after it dropped from the $19,800 peak a few days ago — on Oct. 14.
This rise followed a dump of the price down to the $18,183 zone a day before that, following the release of October CPI data, which was higher than expected. This means that the Federal Reserve is likely to continue raising interest rates in an attempt to break the back of the rising inflation.