On-Chain Data Shows That Bitcoin Whales Intensively Accumulating

The on-chain data indicates that Bitcoin (BTC) whales are engaging in a vigorous acquisition frenzy. With Bitcoin’s price rising over 100% since the year’s beginning, the cryptocurrency market is experiencing a comeback of positive feelings.

This suggests that Bitcoin may be just entering the early stages of a new bull market. Tomiwabold Olajide, a freelance cryptocurrency journalist, has explained that “whales’ recent accumulation pattern indicates that investors are becoming more optimistic about the potential of digital assets.”

This was made after a popular cryptocurrency market influencer with the alias “Ali” took to his X social media platform to announce that BTC whales have acquired a new set of 30,000 units of BTC, worth around $1 billion in the last 5 days. The BTC has gained 15% in the last week and has settled for almost  $34,481 after several fluctuating movements.

Analysis Shows That the Bitcoin Market Is Progressively Rising

The report has it that BTC has increased by more than 100% since the year’s beginning, making up for much of the ground it lost during the last negative stage of the market. The MVRV ratio in the present market is roughly 150%, suggesting that there may be more room for growth before the peak of the Bitcoin bull run.

Bitcoin whales’ continuous accumulation and the rise in high-value transactions suggest that these significant investors think the current state of the market is conducive to long-term investment. A prediction by Binance, which was published on their blog platform, says that the present new $35,000 milestone signifies the next resistance level for the BTC.

It went ahead to add that should it break this barrier, traders should be expecting a new price level between the $38,000 and $39,000 price mark. Recent corrections made the BTC look stronger at the $30,000 price mark.

Data from IntoTheBlock has shown that the BTC has exceeded $35,000 for the very first time since May 2022. The coin also surged by 14.44% in the past seven days, thus settling at about $34,253 after reaching new annual highs of $35,157, but has refused to break the present price.

IntoTheBlock Releases New Data On BTC Activities, Expresses Positive Performance

Historical analysis has shown that the BTC bull markets have recovered at 300%+ market-value-to-realized-value (MVRV). This is 150% compared with the most recent figures, indicating that the BTC bull market has the propensity to surge further in the near future. The next BTC resistance level is predicted at $35,000, while the next broken level is set between $38,000 and $39,000 when 333,000 units of BTC were bought.

On the other hand, the recent application of the BTC spot ETF seems to be a strong influence in augmenting the growing need for BTC among whales and other big-time holders and institutions. In yet another analysis by the IntoTheBlock platform, there has been increased activity at the cryptocurrency institutional level as per the market capitalization.

This fact is coming at a time when the amount of transactions on the BTC blockchain reaches over $100,000, a new high in 2023. In other news, Ali has also predicted a possible price correction in the BTC sector. This, he said, is evident in its daily BTC price chart pattern.

Ali went ahead to add that the TD Sequential illustrator is suggesting a possible selling position. Meanwhile, the Relative Strength Index (RSI) has hit  74.21, a new level that has triggered a sharp correction from March 2023.