Bitcoin whales accumulate, signaling bullish sentiment amid a slight decrease in holders.
Mining difficulty hits an all-time high as the network hash rate increases.
Bitcoin whales have been increasing their holdings in recent weeks, as evidenced by data from Santiment showing a notable accumulation trend among wallets holding 1,000 to 10,000 BTC. These wallets have seen a rise in holdings from 24% to over 25%, with an upward trend beginning around January 22 and persisting to the present. Over the past ten days alone, these wallets have accumulated approximately 100,000 BTC, equivalent to around $5 billion, marking the most significant trend observed in recent months.
This accumulation suggests a bullish sentiment among these whales, as they anticipate Bitcoin’s price to surpass its current levels. Despite this accumulation, the total number of Bitcoin holders has seen a slight decrease in recent weeks. While there may be a lack of significant movement in new holders, existing holders are actively acquiring additional BTC.
Meanwhile, Bitcoin’s mining difficulty has reached a new all-time high, surpassing 80 trillion. This increase in difficulty reflects the growing complexity of solving the mathematical equations associated with mining Bitcoin blocks. The network hash rate has also risen to 562.81 EH/s, indicating the total processing power allocated by miners.
Next Stop For BTC?
Looking ahead, analysts are closely monitoring BTC’s price movements, which currently suggest a bullish trend. The daily chart indicates a positive trajectory, with the 9-day exponential moving average (EMA) positioned below the trading price at $50059. However, the daily relative strength index (RSI) signals an overbought condition, standing at 70.
BTC Price Chart, Source: TradingView
Analysts anticipate that with Bitcoin surpassing $52500, bullish momentum could drive the price to $55000 or potentially even higher. However, should bears gain control, the price may decline to $45222, or potentially lower to $41414.
