Santiment data shows investors have a more profound interest in Bitcoin at the $21K-$22k level.
Bitcoin has been on a freefall for a while, dropping from the $40k level to the current $21k level within a few weeks.
On the one hand, this price reduction happened almost suddenly and shocked the market. On the other hand, it was always expected that BTC would pull back sometime within 2022.
That’s perhaps why whales are moving in large numbers and executing numerous Bitcoin transactions.
According to data from Santiment, whales seem to be taking a keen interest in BTC at current price levels. They executed over 12,960 transactions with values of over $100k each within the hours of 2 pm yesterday and 2 am UTC today. This was the most active, with large amounts seen since May 2021.
“Amount of BTC Transactions Exceeding $100K Hits its mark since May 2021.”
? #Bitcoin's network had a total of 12,969 whale transactions exceeding a value of $100k+ between 2pm UTC yesterday and 2am UTC today. This was the largest amount since May, 2021, indicating whales are acknowledging $22k as a major $BTC level of interest. https://t.co/yX4NY6u8yZ pic.twitter.com/Eb21t8Ks21
— Santiment (@santimentfeed) June 14, 2022
Bulls Vs. Bears
At around $22k, Bitcoin seems to be hosting a fierce battle between bulls and bears. Some analysts have opined that the coin will bottom out at this level and possibly see a bullish reversal.
The whale action may be a confirmation of this sentiment. However, Bitcoin seems to have dropped further down the said point. At this time, Bitcoin is valued at $21,038, with a market dominance of 44.7%. It’s unclear whether the whale action will influence the price upwards or not.
Is This An Accumulation Period?
Besides the whale action, other relatively small holders are also taking note of the current price levels and recognizing the opportunity.
Glassnode reports that the number of BTC wallets with 0.01 BTC has reached an ATH of 10.1M addresses.
? #Bitcoin $BTC Number of Addresses Holding 0.01+ Coins just reached an ATH of 10,154,615
View metric:https://t.co/oyguxpaA2y pic.twitter.com/NDuASbUnsV
— glassnode alerts (@glassnodealerts) June 14, 2022
Similarly, wallets with over 0.1 BTC has hit an ATH of 3.5M addresses.
? #Bitcoin $BTC Number of Addresses Holding 0.1+ Coins just reached an ATH of 3,566,788
View metric:https://t.co/hZY8dBLpzX pic.twitter.com/6wX0iqQ1Xz
— glassnode alerts (@glassnodealerts) June 14, 2022
This could indicate that BTC investors are increasingly accumulating, and this sentient could be traced back to the accumulation period of 2020 when the likes of MicroStrategy and Fidelity were buying large amounts of cryptos. At the time, BTC traded at around the same levels as today.
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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