Bitcoin

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<p class="is-style-lead">Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) whales are actively accumulating the orange coin, as 16 new wallets now hold between 100-1,000 BTC, Santiment data shows. This trend suggests a growing investor confidence in the flagship cryptocurrency’s future.&nbsp;</p>
<h2 class="wp-block-heading" id="bitcoin-whale-accumulation">Bitcoin whale accumulation</h2>
<p>Bitcoin recently saw another notable day of accumulation among its larger holders, often referred to as “whales.”&nbsp;</p>
<p>A total of 16 new wallets have now entered the category of those holding between 100 and 1,000 BTC, demonstrating a growing trend.&nbsp;</p>
<p>What’s interesting is how this uptick in larger wallets correlates with smaller ones moving up the ranks, potentially reflecting a broadening interest in cryptocurrency. While we avoid any excessive excitement, these developments suggest that as more significant stakeholders increase their holdings, the argument for a potentially positive future for Bitcoin gains strength.</p>
<p>On March 15, Bitcoin whales were on the move, <a href="https://crypto.news/bitcoin-whales-sent-over-21k-btc-to-exchanges-in-48-hours/" data-type="link" data-id="https://crypto.news/bitcoin-whales-sent-over-21k-btc-to-exchanges-in-48-hours/" rel="noopener noreferrer nofollow">sending</a> over 21,000 BTC to exchanges within 48 hours.&nbsp;</p>
<p>This surge in whale activity coincided with a market-wide rally that pushed Bitcoin’s price back above $26,000. Whale-tracking resource Whale Alert highlighted seven significant transactions during this period, with one unknown address transferring 1,000 BTC to Gate.io.</p>
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   <p lang="en" dir="ltr">🐳 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a>'s whale numbers had another huge accumulation day. 16 more wallets now hold between 100-1K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$BTC</a>, and they correlate with smaller wallets 'graduating' to the next tier. As key stakeholders grow, the argument for a <a href="https://twitter.com/hashtag/bullish?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#bullish</a> future gets stronger. <a href="https://t.co/DOvRLpGspw" target="_blank" rel="noopener noreferrer nofollow">https://t.co/DOvRLpGspw</a> <a href="https://t.co/EQW8jZsTtn" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/EQW8jZsTtn</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1713310542084133269?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">October 14, 2023</a>
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<p>You might also like: <a href="https://crypto.news/btc-optimism-sparks-as-exchange-supply-hits-6-year-low/" rel="noopener noreferrer nofollow"> BTC optimism sparks as exchange supply hit 6-year low </a></p>
<h2 class="wp-block-heading" id="bitcoin-adoption-grows">Bitcoin adoption grows&nbsp;</h2>
<p>In related news, retail investors are accumulating Bitcoin at an unprecedented pace, according to data from <a href="https://insights.glassnode.com/bitcoin-supply-distribution-revisited/" target="_blank" rel="noopener noreferrer nofollow">Glassnode</a>. The report shows that individuals holding less than 1BTC are adding a remarkable 28,000 BTC per month to their stash, a rate never before seen in the network’s history.&nbsp;</p>
<p>Separately, Italian luxury car manufacturer <a href="https://crypto.news/ferrari-accept-bitcoin-ether-payment-luxury-cars/" rel="noopener noreferrer nofollow">Ferrari</a> has embraced cryptocurrency as a payment option, primarily in response to growing demand from dealers and the market. The company will soon officially start accepting BTC and <a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a> for its luxury cars in the U.S., with plans to expand this payment option to Europe in the first quarter of 2024.</p>
<p>Enrico Galliera, Ferrari’s chief marketing and commercial officer, emphasized that many of their clients are crypto investors. This move allows Ferrari to tap into a new market of potential customers, ranging from young cryptocurrency investors to more traditional clients looking to diversify their portfolios.</p>
<h2 class="wp-block-heading" id="bitcoin-price-analysis-and-analyst-opinion">Bitcoin price analysis and analyst opinion</h2>
<p>At the time of writing, the price of Bitcoin stands at $26,863, reflecting a 3.5% decline over the past seven days. With a circulating supply of 20 million BTC, Bitcoin’s market cap totals $524,786,774,306, per data from <a href="https://www.coingecko.com/en/coins/bitcoin" target="_blank" rel="noopener noreferrer nofollow">CoinGecko</a>. The RSI on the weekly timeframe is at 44.</p>
<p>You might also like: <a href="https://crypto.news/btc-struggles-around-26k-as-spacex-drops-its-holdings/" rel="noopener noreferrer nofollow"> BTC struggles around $26k as SpaceX drops its holdings </a></p>
<p>It’s worth noting that Bitcoin currently faces support at the $26,000 level and resistance at the $27,500 zone. This range reflects ongoing market volatility and potential key price points to watch.</p>
<p>Despite the optimism surrounding Bitcoin’s upcoming halving and the potential approval of a <a href="https://crypto.news/sec-nixes-plans-appeal-grayscale-bitcoin-etf-decision/" rel="noopener noreferrer nofollow">Bitcoin ETF</a>, popular cryptocurrency analyst <a href="https://crypto.news/bitcoin-bearishness-continues-despite-halving-etf-hopes-analyst/" rel="noopener noreferrer nofollow">Nicholas Merton</a> remains skeptical about Bitcoin’s near-term prospects.&nbsp;</p>
<p>Read more: <a href="https://crypto.news/bitcoin-dominance-surges-will-the-btc-price-go-up/" rel="noopener noreferrer nofollow"> Bitcoin dominance surges. Will the BTC price go up? </a></p>

Bitcoin whale addresses increase as price maintains $26k support

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