Crypto Daily: Bitcoin sharks increased collective holdings of the asset to 4.29 mln BTC

Jul 26, 2022
06:07
2 min reading

Choise.com team

Thebear market has proven to be no respecter of status. Nevertheless, Bitcoin sharks appear to be expeditiously accumulating Satoshis in the dip triggered by the persistent Crypto Winter.

Santiment reveals that BTC sharks collectively hold 4.29m coins

Santiment, a platform concerned with behavioral analytics for the crypto market, has provided a chart indicating that Bitcoin sharks – addresses holding 10 to 100 coins – have been amassing Satoshis (a denomination of Bitcoin) in thecurrent dip.

Bitcoin sharks have increased their collective holdings of the asset to 4.29 million BTC, valued at a total estimate of $93 billion against the prevailing rate. The chart also reveals that this wave of accumulation was apparent between late May and early June – within the past five weeks. The accumulation happened at a period when the price of BTC dipped by 27%. There was a series of dumps from late March to late May – a period that saw Bitcoin plummet by 37%. The subsequent accumulation indicates a positive outlook that sets the asset up for sunny days.

BTC Price Can Retest $25K In Coming Days

Bitcoin has been steady and holding it at the $23,000 level with very minimal drop in prices seen in the past few days especially with the sellers dominating the crypto market.

BTC recently slid into a downside correction. A break under the key bullish trend was spotted closely at the $22,700 level for the BTC/USD pair. The pair is predicted to suffer a massive drop once it moves below $21,450.

The bears gained strength for a move below the $22,500 support level and the100 hourly simple moving average. Finally, the price traded below the $21,500 support level and even spiked below $21,000. A low is formed near $20,994 and the price is now consolidating losses.

On the upside, bitcoin price could face resistance near the $21,650 level. It is near the 50% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.

The next key resistance is near the $22,000 zone. There is also a major bearish trend line forming with resistance near $21,950 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the recent decline from the $22,250 swing high to $20,994 low.

Source: BTCUSD on TradingView.com

A close above the $22,000 resistance zone could set the pace for more gains. In the stated case, the price may perhaps rise towards the $22,500 level. The next major resistance sits near the $23,000 level.

Technical indicators

Hourly MACD – The MACD is now gaining pace in the bearish zone

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level

Major Support Levels – $21,000, followed by $20,500

Major Resistance Levels – $21,650, $22,000 and $22,500

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