- Many key indicators indicate that whales may have driven Bitcoin’s new upsurge.
- The largest crypto by market cap crossed the $22,000 mark for the very first time in the last four months.
- Although in spite of the current upgrowth, a substantial part of the supply was present at Unrealized Profit at the time of writing.
Bitcoin is the talk of the town ever since its price started rising right from the first day of 2023. Data from Santiment suggests whales may be driving up the surge.
Whales have gathered about 64,000 Bitcoin, which was worth over a billion US dollars. Santiment later reported that a mass of over $1 billion cumulation came in the past 15 days only. Other than that, whales holding 1000- 10,000 Bitcoins were answerable for this collection.
— Santiment (@santimentfeed) January 20, 2023
Bitcoin’s dream run?
The value of Bitcoin shot up by 34% over the last month and 20% in the last week itself. At the time of writing, Bitcoin was 68% lower than its all-time high which was about $69,000 (attained in November 2021).
At the time of writing, Bitcoin was trading at around $22,834. This is a rise of about 40% from the beginning of the upsurge. The On-balance volume was surging closely mirroring the price movement.
$20,000 might be getting established as the support level.
Furthermore, the Relative Strength Index (RSI) might be indicating a bull run with a reading of over 70 (overbought). It was there from the start of the run on January 11. Since the whales are active as of now, the RSI is going to show a reading in the overbought zone for a while.
The Unrealized Profit is rising, despite the price rise. Net Unrealized Profit is also mirroring the price movement, interestingly.
Source: https://www.thecoinrepublic.com/2023/01/23/bitcoin-strikes-four-month-high-whales-responsible/