The number of Bitcoin whales holding over $10k coins is increasing as BTC establishes a support level between $21k and $22.4k.
Over the last few months, the crypto market has experienced tough ups and downs, with many anticipating a rather long crypto winter due to the looming global economic recession. However, according to recent reports, July seems to have established an important turning point for Bitcoin.
In a tweet posted by Ali Martinez derived from Glassnode, an on-chain analysis, and financial metrics entity, the number of BTC whales holding huge bags has increased by over 7% since early July.
#Bitcoin | The number of whales in the network holding equal to or more than 10,000 #BTC has increased by 7.30% since July 6. Each of these addresses holds a minimum of $220 million worth of $BTC. pic.twitter.com/ZR5yd7xBXU
— Ali Martinez (@ali_charts) July 28, 2022
The available data indicates that each of the top whales holding BTC, 10k and above, has worth over $220 million. This is an indication that whales have gone on a buying-free targeting BTC. However, it’s not clear why this heavy buying hasn’t affected the crypto’s price upwards, instead capturing it at the support level between $21k and $22.4k. On the other hand, this level could be blamed on the fed’s action in increasing interest rates and the uncertainties surrounding crypto regulations.
BTC To $27k?
In another tweet, Ali Martinez shares more data about the addresses that have purchased 500k BTC at the afore-mentioned support levels.
About 691,000 Bitcoin addresses are recorded to have made purchases of $21K to $22K. Reading the charts provided by IntoTheBlock, another research firm, Martinez notes that at the $23,380 price, there are around 285,000 BTC addresses holding about 237,000 coins. This makes that price mark an important resistance point for Bitcoin.
#Bitcoin formed a vital support floor between $21,700 and $22,380, where 691K addresses purchased ~500K $BTC.
As long as this demand zone holds, #BTC has a good chance of surging to $27,000 as the only considerable resistance sits at $23,380, where 285K addresses hold 237K $BTC. pic.twitter.com/qHzMzSJD3F
— Ali Martinez (@ali_charts) July 28, 2022
As such, if the demand zone of 21 to 22K keeps on holding, Bitcoin could have a big chance at dashing for the $27k level killing the $23K resistance, ultimately creating a positive sentiment in the market. However, it’s still not yet established whether this possible surge would be a lasting effect or not. At the time of writing, Bitcoin is trading at around $22,900, an 8% percent increase in 24 hours.
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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