Bitcoin Whales Are Back: Are They Preparing for Another Bull Run?

Yesterday, Bitcoin (BTC) reached a milestone as the number of addresses holding 0.1 or more BTC coins surged to an all-time high (ATH) of 4,482,496, according to the on-chain analytics platform Glassnode. This achievement indicated a growing interest and participation in the cryptocurrency, reflecting the expanding community of BTC holders.

📈 #Bitcoin $BTC Number of Addresses Holding 0.1+ Coins just reached an ATH of 4,482,538

Previous ATH of 4,482,496 was observed on 10 September 2023

View metric:https://t.co/hZY8dBLpzX pic.twitter.com/LO31pFkiVo

— glassnode alerts (@glassnodealerts) September 11, 2023

However, earlier today, the number of addresses holding 0.1 + BTC coins set a new ATH at 4,482,538, surpassing the previous record by a small margin. Meanwhile, CoinMarketCap indicated that the market leader’s price experienced a slight climb heading into the new week.

In the last 24 hours, BTC experienced a modest price increase of 0.10%, bringing its trading value to $25,874.88. Notably, this placed BTC closer to its daily high of $25,978.13 than its daily low of $25,640.26.

This price uptick coincided with a significant surge of over 43% in its intraday trading volume, resulting in a trading volume of approximately $8,242,773,782 at the press time. However, there remains room for potential improvements in BTC’s performance over a longer timeframe.

BTC’s price fell by 0.45% over the past seven days. Meanwhile, the cryptocurrency saw a substantial decrease of more than 12% over the past month as well.

Daily chart for BTC/USDT (Source: TradingView)

BTC’s price has been in a consolidation phase for the past two weeks and continued to trade within the neutral price channel between $24,695 and $26,915 at press time. However, BTC’s price movement in the next couple of days may lead to the market leader finally escaping this sideways channel.

If buyers step in to boost BTC’s price within the next 72 hours, then the cryptocurrency’s price may flip the $26,915 resistance level into support. Thereafter, the leading cryptocurrency’s price will have a clear path to rise to the next threshold at $30K in the following two weeks.

On the other hand, a wave of sell pressure could send BTC’s price spiraling to below the $24,695 support. A daily candle close below this mark will then put the cryptocurrency at risk of dropping to $21,930 in the following week.

Traders and investors will want to monitor BTC’s daily RSI indicator in the next 24-48 hours, as a major technical flag was on the verge of being triggered. Should the RSI line break below the RSI SMA line, it will signal that sellers have the upper hand on BTC’s charts.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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