Bitcoin Whales Go On 20,000 BTC Buying Spree

Crypto News
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Bitcoin whales have now started collecting BTC again. This comes at a time when the crypto market is seeing struggling prices with low momentum. With these big investors stepping up the pace of their investments, more movement could be on the horizon for bitcoin.

Bitcoin whales fill their bags

Data from on-chain aggregator Sanitation shows that large bitcoin whales with between 1,000 and 10,000 BTC accelerate their accumulation. In the past five days, these major investors have added more than 20,000 BTC to their balances, making it a significant accumulation trend.

As a result, these bitcoin whales now hold a total of 4.57 million BTC. This figure represents 23.7% of the total circulating BTC supply right now, suggesting that this accumulation may have played a role in the recovery trend that bitcoin has registered over the past two days.

bitcoin great whales 20,000 BTC

BTC whales accumulate over 20,000 coins | Source: Twitter

The accumulation trend comes on the heels of the low activity recorded by these large bitcoin whales. As Bitcoinist reportedlarge whale transactions fell to just 19% of total bitcoin transactions, indicating fatigue of these large wallets.

However, the new accumulation of data points to long-term play on the parts of these whales. It also shows a willingness to buy at current levels, which could mean big BTC whales might believe the price of the digital asset has bottomed out.

Will BTC Continue the Uptrend?

Bitcoin is now trading comfortably above the USD 17,000 level after a late weekend rally pushed it above the important technical level. At current prices, the digital asset is hovering just around the 50-day moving average of $17,212, putting it in a precarious position.

Such levels mean that the price of the cryptocurrency can go either way and what’s more, it doesn’t take much to trigger a tipping point. So while the accumulation of these great whales may have been part of the trigger for the uptrend, there needs to be more demand for BTC to continue rising and successfully break above the 50-day moving average.

Bitcoin price chart from TradingView.com

BTC price trending above $17,300 | Source: BTCUSD on TradingView.com

If it falls below this level, support for BTC is still at $16,600 and this could mean free will to lose about $500 of bitcoin’s value. However, if momentum picks up, BTC will test the USD 17,500 resistance before the end of the week.

Bitcoin is currently trading at $17,213 at the time of writing. It is up 0.06% in the last day and up 2.95% in the last 7 days.

Follow Dear Owie on Twitter for market insights, updates and the occasional funny tweet… Featured image from Watcher Guru, chart from TradingView.com

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