Bitcoin whales have been very active in the past few days as the crypto continues to trade below $68,000. Notably, on-chain data has shown a trend of accumulation among Bitcoin whales, with large bouts of the cryptocurrency leaving crypto exchanges into private wallets.  These massive transfers appear to have piqued the interest of a few investors who are keeping a watchful eye, as this accumulation pattern points to a price increase up ahead. 

According to various posts by whale transaction tracker Whale Alerts, Bitcoin whales have recently transferred $2.3 billion worth of BTC in a span of 24 hours, indicating their bullish sentiment. Similarly, crypto analyst Ali Martinez recently revealed that over 25,000 BTC worth approximately $1.60 billion had been transferred into accumulation addresses.

Bitcoin Whale Accumulation Signal Price Surge Ahead

Bitcoin has largely traded below $69,000 since March 15, struggling to regain the momentum that saw it shooting past $70,000 earlier in the month. Interestingly, Bitcoin fell to as low as $61,766 last week, representing a 16% decline from its all-time high. 

Meanwhile, Spot Bitcoin ETFs saw consistent outflows throughout the week which was spearheaded by Grayscale’s GBTC and weak inflows into BlackRock’s IBIT and Fidelity’s FBTC. This decline became much of a concern for investors as it signaled the bullish sentiment surrounding BTC might finally be coming to an end.

However, on-chain data is now telling a different tale of a strong bullish sentiment from Bitcoin whales. Data from Whale Alerts show large amounts of BTC leaving crypto exchanges, one of which was a transfer of 8,136 BTC worth $517 million from Coinbase into a new private wallet. Shortly after, 8,172 BTC worth $519 million were transferred from Coinbase into another new private wallet. Interestingly, the different alerts from the whale tracker added up to $2.3 billion worth of BTC to and from crypto exchanges on March 22. 

Analyst Ali Martinez noted that these transfers added up to $1.6 billion being added into accumulation addresses, the largest inflow so far this year. 

Yesterday, over 25,000 #Bitcoin, valued at approximately $1.60 billion, were transferred to accumulation addresses, marking the highest inflow to these $BTC wallets so far this year! pic.twitter.com/mAIHkG9ROC

— Ali (@ali_charts) March 23, 2024

According to CryptoQuant data, this accumulation trend has seen the Bitcoin reserves on exchanges on a downtrend since March 21. At the time of writing, the Bitcoin exchange reserve is at 1.98 million BTC. 

Basically, whale accumulation tends to swing the balance into bullish among other traders. Fundamentals surrounding Bitcoin like the upcoming halving point to price growth in the near future, making it an ideal time for investors to position themselves in the market. 

At the time of writing, Bitcoin is trading at $67,478. A key price level to watch is $69,000. If Bitcoin breaks above this resistance level, it could continue surging higher with the accumulation trend.

BTC price at $67,000 | Source: BTCUSD on Tradingview.com

Featured image from GoBankingRates, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

As the Bitcoin price continues on an upward trajectory that has sent it toward new all-time highs, breaking above $73,000 this week. With this increase, the vast majority of BTC holders are currently seeing a profit, and large whales are taking advantage of this to cash out some profit.

Large Bitcoin Whales Sell-Off Coins

Crypto analyst Ali Martinez took to X (formerly Twitter) to share a chart that showed that large Bitcoin whales were selling off some of their coins. These large whales are those that hold at least 1,000 BTC in their wallet, which means on the lower end, these whales are holding at least $73 million worth of Bitcoin on their balances.

As the chart shows, there has been a decline in the total number of BTC held by these large wallets and this signifies that they have been selling their coins. After the price first ran toward its 2021 all-time high of $69,000, these whales began reducing their allocation.

The selling began in the month of February and has continued on into the month of March. Over this time, their total balances have reduced, leading to a decrease in the number of wallets that hold more than 1,000 BTC.

As of February, there were around 2,150 wallets holding more than 1,000 BTC. However, in March, this figure has dropped toward 2,040 as the whales shave off their balances to secure some profit during the rally.

Impact Of Whale Selling On BTC Price

Given the size of these wallets, a decision to sell from them can have a notable impact on the BTC price. This is because they are able to dump a large amount of supply on the market in a short time and if there is not enough demand to soak it up, then it leads to a crash in the price.

The whale selling could be behind the flash dips that have plagued Bitcoin as it has surged to new all-time highs. One example of this was on Tuesday, March 12, when the price of Bitcoin touched $73,000. What followed was a flash crash that sent the price toward $68,000 before it recovered.

So, while the whales dumping their holdings could have an adverse effect on the price, the performance of BTC in response to this flash crash shows that there is enough demand to meet this supply. In the case of Tuesday, the price would recover quickly to reach a new all-time high of $73,600.

At this time of this writing, the BTC price is still maintaining its hold on $73,000 with a 7-day increase of 10.49%.

BTC bulls reclaim control | Source: BTCUSD on Tradingview.com

Featured image from Techeconomy, chart from Tradingview.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Taking to X on November 22, crypto chartist @MortensenBach presented a bullish outlook for Bitcoin (BTC), predicting that not only will the coin breeze past $70,000 in the coming months, but it will set a new all-time high, fanning demand for stocks of Bitcoin mining companies like Riot Blockchain, Marathon Digital, and the rest.

Bitcoin Trading Above The 20-Period MA In The Monthly Chart

The chartist pointed to Bitcoin’s historical tendency to launch parabolic advances following decisive breaks above its 20-month simple moving average (20 SMA) in the monthly chart. As of late November 2023, Bitcoin has been firm.

As evidenced in the monthly chart, buyers build on gains recorded in October when prices shook off losses and increased. This upswing was triggered by broader market optimism, which supported crypto prices. 

With prices now trending firmly above the dynamic reaction line in the monthly chart, the trader believes a bull market is on the cards, and Bitcoin is set for more gains in the coming sessions. Besides the break above the 20-month MA, the analyst notes a growing bullish momentum, according to MACD, a technical indicator.

Still, it should be noted that, despite the analyst’s optimism, technical indicators in use, the MACD and MA, lag. Accordingly, there is no guarantee that prices will edge higher, rising from spot levels to nearly double above $70,000 in 2024 and months ahead. As of November 23, BTC prices are firm above $37,000 and more than 2X from November 2022 lows when prices plunged below $16,000.

Moreover, it is yet to be seen how stocks of Bitcoin mining companies like Riot Blockchain will perform in the next stage after halving. However, historical performances show their stock tends to rally in lockstep with spot BTC prices. 

Whales Are Accumulating, Will BTC Surge?

Even so, @MortensenBach’s preview analysis ties closely to on-chain insights relayed by CryptoQuant, a blockchain analytics platform. According to data, more whales are moving their BTC from exchanges in large tranches. 

With big players showing confidence and backing Bitcoin, it could suggest that they expect prices to edge higher. This outlook if further buoyed by developing fundamental factors, including regulatory action and general investor sentiment.

Bitcoin prices shook off the effect of the United States Department of Justice’s ruling on Binance. Though prices slightly dipped below $37,000, bulls are back, and the coin is trending above $37,000. The market is tracking the Securities and Exchange Commission (SEC) to approve the first spot Bitcoin ETF in the country.

Feature image from Canva, chart from TradingView