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.