A widely followed on-chain analyst says he’s closely monitoring the buying activity of Bitcoin whales as BTC continues to hold above $40,000.
In a new Blockware Intelligence newsletter, Will Clemente says a new trend is emerging for Bitcoin whales, or entities holding over 1,000 BTC, as the deep-pocketed crypto investors begin to gobble up BTC after months of distribution.
“Continuing to see whales holdings tick up after a multi-month downtrend. Watching over the next week or two to see if this trend continues. Looking promising thus far. This is one of the few on-chain metrics that provides us a peek into what’s going on on the demand side of the equation.”
Looking at the supply side of the equation, Clemente says short-term holders, or entities holding BTC for less than 155 days, are responsible for most of the selling in the last few months. He adds that short-term holders are still in pain as their cost basis hovers around the $47,000 area.
Clemente highlights that Bitcoin must reclaim the key price level to generate bullish momentum in the high timeframe (HTF).
“BTC has broken a three-month-long downtrend dating back to November. However, horizontal levels are far more important than diagonal. Major horizontal resistance still lies at $40,700; start closing above that, and we can start eyeing the confluence of yearly open and short-term holder realized price around $47,000. Above that $47,000 area, will have reclaimed HTF momentum in my opinion.
At time of writing, Bitcoin is trading $41,557, up 0.87% in the last 24 hours.
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Source: https://dailyhodl.com/2022/02/06/bitcoin-trend-reversal-on-chain-analyst-looks-at-whale-activity-as-btc-soars-above-40000/