Bitcoin whales making big moves.
Santiment data shows that bitcoin whales made about 4,000 large-value transactions, exceeding $1 million, from Monday to Friday, with a slight slowdown over the weekend. Santiment said this bodes well for a rally in bitcoin prices following the pullback in April.
The month of April has been marked by a major correction in the crypto market. The Bitcoin Fear and Greed Index shows there is still fear in the market as the correction lingers.
Bitcoin Fear and Greed Index is 25 — Fear
Current price: $40,075 pic.twitter.com/QCrwiNZjFY— Bitcoin Fear and Greed Index (@BitcoinFear) April 13, 2022
Despite this, whales actively carry out transactions on the Bitcoin network, data from Santiment reveal.
The data shows that the network is receiving a steady supply of about 4000 whale transactions per day. Each day, the transactions are worth at least $1 million, but this reduces on weekends when the number of transactions also reduces.
“Bitcoin is seeing a continued steady supply of ~4,000 whale transactions exceeding $1M+ Monday through Friday, with mild slowdowns on weekends. Large increases are what we are looking out for to foreshadow a price bounce after April’s retrace,” Santiment wrote in a tweet.
? #Bitcoin is seeing a continued steady supply of ~4,000 whale transactions exceeding $1M+ Monday through Friday, with mild slowdowns on weekends. Large increases are what we are looking out for to foreshadow a price bounce after April's retrace. ? https://t.co/GVhqxEWqf1 pic.twitter.com/uLQxu1C3RK
— Santiment (@santimentfeed) April 13, 2022
Whales accumulating BTC
Whale activity has been steadily rising, not just on the Bitcoin network but also on others like Cardano, even though the assets have dropped significantly from their all-time high prices. This could indicate that whales are accumulating assets in preparation for the next rally that will follow in the market.
The Bitcoin balance on exchanges confirms this as it has continued to go down in the last week, indicating that whales are withdrawing Bitcoin to personal wallets, which is good for the asset’s price.
Less supply on exchanges to be sold (exchange balance going down) always trumps more supply on exchanges to be sold (exchange balance going up) for Bitcoin price.
According to Santiment, the large transactions also “foreshadow” an incoming rally after the April retrace that has affected assets across the board.
Bitcoin bounce “imminent.”
Currently, Bitcoin is trading at $40,144.41, after it dropped all the way from almost $48,000. The asset even broke below $40,000 two days ago, which forced traders to capitulate to prevent further losses, but this may be about to change.
Image source: Twitter
After the drop to about $36,000, Bitcoin bounced too well over $47,000 before dropping again to the current price. The price is now retesting the weekly support at around $40,041, and according to a technical analysis expert Crypto Rover, this could result in an imminent, massive breakout.
In addition, he has predicted that massive volatility is incoming for Bitcoin, which of course, characterizes a rally. The four h MACD has also undergone a bullish cross and bullish divergence, which both point to the start of another runup.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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