Bitcoin

Flash

<p>The post <a rel="nofollow" href="https://coinpedia.org/bitcoin/bitcoin-metrics-flash-bullish-signals-amid-whale-accumulation/">Bitcoin Bulls Are Back With Metrics at Record Highs: Should You Be Buying BTC?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p><a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a> is displaying promising indicators of renewed interest from large investors, even as short-term price movements hint at exhaustion. Data from analytics firm Glassnode reveals that the number of Bitcoin addresses holding at least one bitcoin has reached an all-time high this week. </p> 
<p>In parallel, data from Santiment highlights a noticeable increase in the accumulation of BTC and stablecoins by crypto whales.</p> 
<h2 class="wp-block-heading" id="bitcoin-addresses-soar">Bitcoin Addresses Soar!</h2> 
<p>According to Glassnode, the total number of Bitcoin addresses with balances topped 1.02 million, surpassing the previous record high set on September 25. The milestone signals broadening participation in the network at a time when many smaller holders dropped out amid bearish macro conditions.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> Number of Addresses Holding 1+ Coins just reached an ATH of 1,022,989<br><br>Previous ATH of 1,022,961 was observed on 25 September 2023<br><br>View metric:<a href="https://t.co/s7tx1xxyz3">https://t.co/s7tx1xxyz3</a> <a href="https://t.co/18saLV4HF4">pic.twitter.com/18saLV4HF4</a></p>— glassnode alerts (@glassnodealerts) <a href="https://twitter.com/glassnodealerts/status/1707398673712214032?ref_src=twsrc%5Etfw">September 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Also Read: <a href="https://coinpedia.org/price-analysis/btc-price-analysis-will-bitcoin-cross-30k-this-october/">BTC Price Analysis: Will Bitcoin Cross $30K This October?</a></p> 
<h2 class="wp-block-heading" id="h-whales-boost-their-holdings">Whales Boost Their Holdings</h2> 
<p>Santiment’s findings also shed light on the actions of crypto whales, defined as holders with 10 to 10,000 BTC in their wallets. </p> 
<p>These deep-pocketed investors have accumulated over 13 million BTC, marking the highest level reached this year. Simultaneously, there’s a rising trend in tether whale accumulation, which implies increased buying power among influential players.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>'s sharks &amp; whales, which we define as 10 to 10K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> wallets, have now accumulated to their highest amount held in 2023 (13.03M <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>). Additionally <a href="https://twitter.com/hashtag/Tether?src=hash&amp;ref_src=twsrc%5Etfw">#Tether</a> sharks &amp; whales are accumulating buying power. This is generally a <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw">#bullish</a> combination. <a href="https://t.co/Lic2QBXSUw">https://t.co/Lic2QBXSUw</a> <a href="https://t.co/dIcq1sUNJY">pic.twitter.com/dIcq1sUNJY</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1707540061422780695?ref_src=twsrc%5Etfw">September 28, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Some analysts view the combined trends as fundamentally bullish indicators of renewed institutional conviction. However, they note that near-term risks remain while longer-term upside potential builds.</p> 
<h2 class="wp-block-heading" id="strong-price-movements-to-note-strong"><strong>Price Movements to Note</strong></h2> 
<p>Bitcoin’s recent climb above the $27,000 threshold, a first since September, brought about a surge in short-term momentum. Concurrently, profit-taking activities also increased. The 7-day MVRV metric for Bitcoin is now dipping below zero, prompting expectations of a healthy pullback as traders cash in their profits. </p> 
<p>Nevertheless, analysts remain optimistic, believing that fresh whale capital stands ready to fuel the next leg of the rally once the exhaustion subsides.</p> 
<p>Read More: <a href="https://coinpedia.org/news/us-government-shutdown-can-be-a-pathway-for-bitcoin-rally-heres-how/">Bitcoin Price to the Moon? US Government Shutdown Could Trigger Bull Rally</a></p> 
<h2 class="wp-block-heading" id="stay-optimistic-but-cautious">Stay Optimistic, but Cautious!</h2> 
<p>Analysts caution against reading too much into volatile swings without context. While whale movements reflect rising institutional conviction, macro-uncertainty persists, and technical resistance looms around the $30,000 mark despite bullish supply dynamics.</p> 
<p>For regular investors, the bigger picture remains key. The latest data adds to the evidence that patient money is steadily positioning for an impending bitcoin price bottom. Though the exact timing remains unclear, indicators continue to trend favorably from a long-term perspective.</p> 
<p><strong>What do you think? Is Bitcoin poised for a breakout, or is a pullback due first?</strong></p>

Bitcoin Bulls Are Back With Metrics at Record Highs: Should You Be Buying BTC?

Table of Contents

CoinPedia News

Other articles published on Sep 29, 2023

Are We Finally Seeing Some Light at the End of the Crypto Tunnel?

Ripple Labs Steps into Georgia’s Innovative CBDC Pilot

Dates for the SBF trial have been made public: the FTX founder will be tried over the course of s...

Seeking the Ultimate Crypto Payoff? RocketPool (RPL) and Hedera (HBAR) Titans Set Their Sights on...

Security SoulBound Tokens: On-Chain Trust for Smart Contracts

CFTC Indicts Mosaic Exchange Founder for Running Fraudulent Crypto Operations

Join our free newsletter for daily crypto updates!