In the dynamic world of cryptocurrency, the recent surge in bitcoin’s trading volume, which reached $15 billion, has caught the attention of market observers.
This substantial increase in trading activity raises questions about the involvement of whales, influential players with significant holdings of bitcoin.
As the market anxiously anticipates the direction of bitcoin’s price, let’s delve into the factors influencing this surge in trading volume and find out if whales are actively buying, potentially driving the cryptocurrency market higher. indicating the sentiment of
Bitcoin “sharks” and “whales” hoard: on-chain data reveals investor behavior
Bitcoin’s on-chain analytics indicate that “sharks” and “whales”, referring to medium and large holders respectively, have accumulated bitcoin since the market peak in April.
supply delivery metricsWhich measures the total amount of bitcoin held by different wallet groups, showing a decline in holdings during the March uptrend and accumulation during the April downtrend.
Since April, these investors have added approximately 93,000 BTC (equivalent to $2.6 billion) to their wallets.
However, their accumulation has slowed down in recent weeks, indicating caution as the cryptocurrency faces challenges.
The behavior of these large investors is likely to change market sentiment and future price of bitcoin.
ADP Non-Farm Employment Change
May ADP National Employment Report The 278,000 private sector jobs reflect stronger-than-expected growth, with a remarkable 6.5% increase in annual wages.
This positive outcome is seen as favorable for the US Dollar, contributing to the bearish sentiment surrounding bitcoin.
bitcoin price prediction
Bitcoin Currently trading at $26,858 on June 1st, showing a 1% drop in the last 24 hours. The cryptocurrency has been in a downtrend for the fourth consecutive session, indicating a bearish trend.
This is in line with the mixed sentiment seen in the broader cryptocurrency market. Bitcoin price is showing a slight bearish sentiment, with a value near the 26,850 level.
Analysis on the four-hour time frame shows that bitcoin has already reached the 78.6% Fibonacci retracement level and subsequently declined towards the next support at $26,650.
The importance of this support level was discussed in our previous update, as breaking it could lead to a bullish reversal in bitcoin price.
The market sentiment is currently dominated by bears, as indicated by the presence of a bearish engulfing candlestick formation below the 50-day exponential moving average.
However, as long as the price sustains above the 26,600 level, there is a possibility of a trend reversal.
In such a scenario, we could see an upward move with potential resistance levels at 27,300, 27,500 or 28,000.
On the downside, if bitcoin breaks the 26,600 support, it could signal further downside for sellers with a target around 26,000.
Top 15 Cryptocurrencies to Watch in 2023
Get ready to explore an exciting lineup of cryptocurrencies selected by Cryptonews and industry talk for their promising prospects in 2023.
Prepare yourself for the exciting possibilities and lucrative opportunities that lie ahead in the world of these digital assets.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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