2024-1-4 18:55 |
As the world ushered in the new year, Bitcoin, the largest cryptocurrency by market capitalization, displayed resilience, maintaining a price above $42,000. At press time, the cryptocurrency was trading at $44,089 after surging by around 4% over the past 24 hours. This follows a month-long trend, with the cryptocurrency trading in a range amid investors taking profits amidst the holiday break.
Notably, data provided by on-chain analytics firm CryptoQuant reveals a decline in miner reserves. The reserves have decreased to 1.832 million BTC, a drop from the peak in October at 1.845 million, adding to the selling pressure on Bitcoin.
However, in the midst of this situation, Bitcoin whales are displaying increased activity. On Monday, crypto analyst “The Data Nerd” drew attention to a whale linked with stablecoin firm Tether, who acquired 8,888 BTC valued at $379 million when Bitcoin was priced at $42,641. As per the analyst, this purchase propelled the aforementioned whale to the 10th position among BTC holders, boasting a total of 66,465 BTC. Notably, the whale now holds an unrealized profit of $1.14 billion, with an average entry price of $25,176.
This significant purchase follows closely on the heels of CryptoQuant’s examination of Bitcoin exchange netflow over in recent days. Notably, the firm highlighted substantial outflows from exchanges as Bitcoin experienced a decline from the $44,300 yearly resistance zone. The discernible nature of these withdrawals hinted at the possibility that certain strategic investors seized the market’s momentary downturn to accumulate assets.
The negative netflow, indicating withdrawals, could be seen as a bullish signal for Bitcoin. Large-scale deposits and whale entities entering the market at recent prices might be optimistic indicators for the cryptocurrency’s future.
These developments coincide with a crucial period in the cryptocurrency market. Over the past few months, the race to launch a spot Bitcoin ETF has intensified as major Wall Street players, including BlackRock, Fidelity, Valkyrie, and Bitwise, finalized paperwork for their offerings. Expectations for SEC approval this month loom large, signalling potential mainstream acceptance and adoption.
Meanwhile, as Bitcoin starts the year positively, popular crypto analyst Ali Martinez highlighted key levels for Bitcoin price on Sunday. Notably, a support zone, ranging from $41,200 to $42,400, where 1.92 million addresses bought 723,500 BTC, while the resistance zone, spanning $42,500 to $43,750, where 1.67 million addresses have set up a sell wall of 706,400 BTC. According to Martinez, a sustained breakthrough above resistance could propel Bitcoin to $47,600, whereas a decline below support might instigate a correction to $38,600.
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