Bitcoin Whales Rise In Numbers, Signaling Strong Confidence In BTC
Bitcoin price has slightly increased after falling into the support zone between $38,064 and $40,796. The number of Bitcoin wallet addresses holding over 1,000 BTC has reached 1,510, the highest level since August 2022.
This indicates a rise in traders’ confidence in Bitcoin or whales positioning themselves for a shift in the price trend. Bitcoin traders recently realized $885 million in profit on BTC acquired between three and six months ago, at an average price of $26,000.
Analysts believe If these profit-taking streaks continue, whales may take profits on their BTC holdings, increasing selling pressure on the asset. CryptoQuant data suggests that Bitcoin is in the distribution phase and a short-term correction in price is likely.
(With inputs from Shikha Singh)
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