לויט צו די לעצט סאַנטימענט data, Bitcoin whales bought extra 40,000 BTC tokens in the last two days before the recent bounce to $42,000. The on-chain analytics firm notes that these large entities are back to owning the same amount before their dump began at $49,000. Bitcoin steadily declined from highs of $48,574 on Dec. 31, 2021, to mark lows at $39,650 on Jan. 10.
?? # ביטקאָין has rebounded, and is +$1,000 in price the past 5 hours. Now sitting at $42.4k, this comes after whales have accumulated 40k more $ בטק in the past 2 days alone. They now are back to owning the same amount from before their dump began at $49k. https://t.co/1ZnyrYpr1S pic.twitter.com/vR2GgXPUlZ
- סאַנטימענט (@antimentfeed) יאנואר קסנומקס, קסנומקס
With imminent volatility ahead, סאַנטימענט notes that traders’ perceptions of large-cap assets vary. Bitcoin traders believe a buy-the-dip opportunity is near while Ethereum traders bask in euphoria.
Several indicators seem to suggest buy-in signals. The Entity-Adjusted Dormancy Flow of Bitcoin suggests that BTC is creating a local bottom. To establish whether experienced market participants are spending their BTC, this metric looks at the ratio of current market capitalization to annualized dormancy value.
Whenever there is a substantial drop in # ביטקאָין spending from old hands, Entity-Adjusted Dormancy Flow drops below 250K, which represents a great buy zone.
This metric has timed every market bottom & a similar outlook may play out now as dormancy value has overtaken market cap. pic.twitter.com/xhMiuxq3zT
- Ali Martinez (@ali_charts) יאנואר קסנומקס, קסנומקס
When spending from the so-called “old hands” falls, the Entity-Adjusted Dormancy Flow falls below 250,000, indicating a buy zone. This מעטריק has timed every market bottom, and now that dormancy value has surpassed market capitalization, the same scenario might play out.
ביטקאָין פּרייַז
IntotheBlock’s IOMAP model points to the $41,180-$42,470 range as the key support to hold for the Bitcoin price as more than 1.22 million addresses previously acquired 615,000 BTC here.
$ בטק פּרייַז אַנאַליסיס
1/ שטיצן
די IOMAP ריווילז אַז # ביטקאָין איצט זיצט אין די לעצטע מדרגה פון קריטיש שטיצןצווישן $ 41,18 ק און $ 42,47 ק, מער ווי 1.22 מיליאָן ווענדט ביז אַהער קונה 615 ק בטק. ווי עווידאַנסט דורך די מדרגה פון טריידינג טעטיקייט, בולז זענען פייטינג צו האַלטן דאָ pic.twitter.com/GpN4cTmKNY
- IntoTheBlock (@intotheblock) יאנואר קסנומקס, קסנומקס
די אויף-קייט analytics from Santiment notes that a stiff barrier exists on the Bitcoin path above $48,000 as nearly one million addresses holding 316,000 BTC here might want to break even on their positions.
Before the $48,000 barrier, Bitcoin must surmount selling pressure from 5.7 million addresses holding 1.54 million BTC.
Bitcoin trades at $42,000 at press time.
Source: https://u.today/bitcoin-whales-bought-extra-40000-tokens-before-bounce-past-42k