Here’s Who Has Been Driving The Bitcoin Price Recovery Above $65,000
27 Septembre 2024 - 7:00PM
NEWSBTC
Bitcoin is now trading above the $65,000 price level for the first
time in two months, leaving the $63,000 resistance level behind.
This interesting increase has seen Bitcoin increase by almost 23%
from a September low of $53,400 on September 6, pushing many
holders into profitability. According to Santiment, this price
action has been mostly fueled by increased activity from whales and
sharks, with the on-chain analytics platform noting a huge
accumulation trend among them. Sharks And Whales Continue To
Accumulate BTC Recent shifts in market dynamics worldwide have
propelled Bitcoin back to the forefront of investor portfolios
since mid-September. According to data from Santiment, Bitcoin’s
upward price movement has been largely supported by increased
accumulation from investors. The on-chain analytics platform
revealed that many wallets holding ten or more BTC have been
steadily accumulating additional Bitcoin over the past six months.
This consistent buying behavior has played a critical role in
stabilizing and propping up the price, especially during market
corrections when Bitcoin has faced downward pressure. Related
Reading: Crypto Analyst Predicts What Will Drive The Ethereum Price
Back Above $3,000 Again Notably, these addresses have accumulated
$4.08 billion worth of BTC in the past six months, and their
collective holdings currently stand at 16.19 million. Santiment’s
data also shows that this accumulation trend gained significant
momentum starting in mid-September just after the Fed reduced the
base interest rate, indicating a renewed wave of confidence among
these Bitcoin investors. Current State Of Bitcoin As noted by
NewsBTC, September has always been a crucial month for Bitcoin’s
price performance in the last quarter of the year. Interestingly,
what looked to be a bearish month for Bitcoin in the first two
weeks has now played out as a forerunner for a potential surge in
the last quarter of 2024. Related Reading: Dogecoin Eyes
Bullish 50% Rally To $0.16, But Will A Crash Come First? At the
time of writing, Bitcoin is trading at $65,470 and has been up by
2.6% in the past 24 hours. Institutional investors have resumed
their investments in Bitcoin since the beginning of the week. This
has seen spot Bitcoin funds witness consecutive days of inflows
since the beginning of the week. Particularly, they received $365.7
million in net inflows in the past 24 hours. Bitcoin has also seen
a notable increase in open interest as investors pile up. According
to Coinglass, the Bitcoin open interest now stands at $35.90
billion across multiple exchanges, reflecting a 3.53% increase in
the past 24 hours. As Bitcoin’s price continues to attract
attention from traders across the globe, the surge in open interest
could act as a catalyst for further price increases. The next
step for Bitcoin’s price is a bullish break above the July high of
$70,162. Surpassing this level and keeping the momentum could open
the stage for Bitcoin to easily break into new all-time highs in
October. Featured image created with Dall.E, chart from
Tradingview.com
Dogecoin (COIN:DOGEUSD)
Graphique Historique de l'Action
De Sept 2024 à Oct 2024
Dogecoin (COIN:DOGEUSD)
Graphique Historique de l'Action
De Oct 2023 à Oct 2024