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After Donald Trump’s inauguration on January 20, Bitcoin (BTC) remained a reach -related and traded between $ 101,000 to $ 110,000. A new Cryptoquant report, however, states that behind this routine price promotion Bitcoin ‘Whales’ are quietly back to collect the most important cryptocurrency.
Bitcoin whales back in the accumulation mode
According to the reportLarge BTC holders-Mastal Bitcoin ‘Whale’ called the accumulation phase re-introduced. Recent data show a significant increase in the monthly percentage of growth of BTC companies among these major investors.
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In particular, Bitcoin Whale Holdings has increased from a decrease of -0.25% on January 14 to a growth of 2% by January 17, which marked the highest monthly growth rate since mid -December. In absolute terms, the BTC interests of these investors have risen from 16.2 million on November 4 to 16.4 million from January 24.
The increase in whales accumulation seems to be powered by different bullish developments early in the Trump government. For example, the US president has already signed an executive order that founded a working group in the field of digital assets.
This working group is responsible for proposing a federal regulatory framework for cryptocurrencies – including stablecoins – within six months. In addition, the group will evaluate the potential establishment of a national digital assets stock, which means speculation on a potential American strategic bitcoin reserve is fueled.
In addition to the growth of whales, the sales pressure for BTC has fallen sharply since the big profit in December. This is in line with a recent one report He discovered that taking BTC profit has fallen by 93% compared to the peak of December. The report reads:
Bitcoin holders realized the daily profit to $ 10 billion when Bitcoin approached $ 100k in December. However, the daily realized profit has fallen to levels of around $ 2 $ 3 billion in January, indicating that market participants may have largely sold Bitcoin. Moreover, the non -realized profit margins of the traders have fallen almost zero, a level that usually marks a price floor during bull markets.
However, the report also emphasizes that the overall Bitcoin spot demand has been weakened in the past month, so that concern about the probability of another bullish rally is expressed. In particular, the percentage of demand growth for Bitcoin has fallen from 279,000 BTC at the beginning of December to only 75,000 BTC at the time of writing.
Analysts Trust in another BTC Rally
Despite the cooling of demand on the chain, crypto analysts remain optimistic about another Grand Price Rally for Bitcoin. For example a recent report suggested That BTC can focus on a prize like $ 249,000 during Trump’s presidency.
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Another report Bitfinex predicted that BTC will probably be led to $ 200,000 in the middle of the year, in the midst of mild price pullbacks. But a lot depends About how the American Federal Reserve deals with interest rate adjustments this year.
From a technical point of view, BTC’s Cup-and-Handle pattern projects A price target of as high as $ 275,000. At the time of the press, BTC acts at $ 106,074, an increase of 0.1% in the last 24 hours.
Featured image of Unsplash, graph of TradingView.com
Credit : www.newsbtc.com
