Whales Have Begun Accumulating BTC Again After $30K Profit Taking
Santiment tweeted earlier this morning that Bitcoin (BTC) whales have recently begun accumulating the leading crypto after profit taking above $30k on 11 April 2023. The tweet added that since this date, wallet addresses holding between 100 to 10,000 BTC have collectively added 64,094 BTC coins back to their bags.
In related news, BTC is currently trending according to CoinMarketCap. At press time, the crypto market leader also leads CoinMarketCap’s trending list. Despite the crypto occupying the number one position on the trending list, BTC’s price printed a 24-hour loss of 0.31%.
This recent price drop brought BTC’s price down to $29,383.96 at press time. BTC’s dominance in the market has also slipped over the last 24 hours. As a result, BTC’s dominance is estimated to be 47.10%, which is a slight 0.02% decrease. Nevertheless, the leading crypto’s weekly price performance remains in the green at +7.40%.
Daily chart for BTC/USDT (Source: TradingView)
BTC’s price was able to flip the $29,020 resistance into support this past Thursday following a 3.72% increase. During Thursday’s trading session BTC was also able to close back above the key 9-day-and-20-day EMA lines.
At press time, the $29,020 level is still acting as support for the crypto’s price despite the sell volume that entered BTC’s chart yesterday. Currently, the relative positions of the 9-day and 20-day EMA lines suggest that BTC’s price has entered into a short-term bullish cycle and will look to challenge the next key resistance level at $30k in the coming 24-48 hours.
BTC’s price will need to close today’s trading session above the aforementioned $29,020 level to prevent the invalidation of the bullish thesis. A close below this level today will ultimately result in BTC’s price dropping down to the minor support level at around $28,500 in the next 24-48 hours.
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