2023-10-17 23:11 |
Bitcoin kicked off the week on a positive note, surging past $28,000 late on Monday. This upward momentum had a cascading effect on other cryptocurrencies, with Ethereum, Solana (SOL), Cardano (ADA) and other altcoins also posting notable gains.
This rapid price movement caught short-sellers off guard, resulting in significant losses amounting to $26.1 million in the past 24 hours, per data from Liquidations data firm Coinglass.
Notably, Bitcoin’s surge coincided with positive news from the crypto analytics firm Santiment. In a tweet, the firm announced that on Sunday, 16 additional wallets joined the group of those holding 100-1,000 BTC, marking the largest single-day growth since February 28, 2022.
Furthermore, data from the firm shows that Bitcoin whales purchased approximately 117 BTC in the past 48 hours, reinforcing the belief in a bullish future for Bitcoin.
“As key stakeholders grow, the argument for a bullish future gets stronger,” the firm wrote.
In another tweet, Santiment attributed the surge to the movement of long-dormant coins, signalling potential price reversals.
“Bitcoin’s return to $27K was likely aided by large amounts of older, stagnant coins that were finally moved. The largest amount of dormant $BTC changing wallets since July, these spikes in our Age Consumed metric indicate price direction reversals.”
Elsewhere, in a lengthy tweet, renowned market analyst Scott Melker pointed out the significance of the increase in the number of large Bitcoin wallets. Notably, the number of large wallets has been steadily growing since February 2022, reaching a record high of 157,400 by September 26, 2023, surpassing the previous all-time high set in 2019.
In the crypto world, “sharks” typically hold between 100 and 1,000 Bitcoin, while “whales” have even larger holdings. The pundit noted that this accumulation of Bitcoin by these large holders signifies a growing bullish sentiment and solidifies Bitcoin’s position as a mature asset class, attracting various investors, including institutions and high-net-worth individuals.
Meanwhile, amid these developments, analysts have been looking for clues that could suggest Bitcoin is on the verge of a further price rally.
Analyst Ali Martinez highlighted that the Bollinger Bands on the Bitcoin 4-hour chart are tightening, indicating an imminent spike in volatility. According to him, a close above $27,000 or below $26,690 in the 4-hour candlestick will be crucial in determining Bitcoin’s future trend direction.
Crypto trader Nebraskangooner also echoed Ali’s sentiments, highlighting the importance of BTC breaching the $27,000 level. “Bitcoin interestingly enough reclaimed $27,000 resistance. Can consider looking for bullish scenarios above that level.” He tweeted Monday morning.
At press time, Bitcoin was trading at $28,469 after a 5.35% surge over the past 24 hours.
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