2024

Bitcoin

Rise

Divergence

<img width="1200" height="800" src="https://coingape.com/wp-content/uploads/2023/09/IMG_5697-e1695572371845.jpg" class="attachment-full size-full wp-post-image" alt="Bitcoin Price BTC Spot ETF Matrixport" decoding="async" style="float:right; margin:0 0 10px 10px;">
<p>Experiencing significant selling pressure earlier in the month, Bitcoin (BTC), the world’s largest cryptocurrency, saw a modest recovery on Friday, January 19. At press time, the Bitcoin price is trading at $41,500 levels with a market cap of $803 billion.</p> 
<h3 id="bitcoin-sees-bullish-divergence-on-rsi">Bitcoin Sees Bullish Divergence on RSI</h3> 
<p>In a recent update, on-chain data provider Santiment brings encouraging news to traders amidst challenging market conditions. Bitcoin, facing the prospect of dropping below the $40,000 mark, has swiftly rebounded, reclaiming the $42,000 threshold with an impressive +3.2% surge within the last three hours.</p> 
<figure id="attachment_175503" aria-describedby="caption-attachment-175503" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-175503" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound.jpeg" alt="" width="2663" height="1725" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound.jpeg 2663w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound-300x194.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound-1224x793.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound-768x497.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound-1536x995.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound-2048x1327.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Price-Rebound-150x97.jpeg 150w" sizes="(max-width: 2663px) 100vw, 2663px">
 <figcaption id="caption-attachment-175503" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/santimentfeed/status/1748440478767587545" target="_blank">Santiment</a>
 </figcaption>
</figure> 
<p>The turnaround comes as Santiment highlights the emergence of bullish signals on key metrics such as the Relative Strength Index (RSI) and the 30-day Market Value to Realized Value (MVRV). Just as concerns were mounting among traders, these positive indicators suggest a potential shift in market sentiment and a renewed sense of optimism for Bitcoin.</p> 
<p>However, the BTC price couldn’t sustain above $42,000 for more time on Friday as profit-taking remains intact.</p> 
<p>According to data from Glassnode, a prominent blockchain analytics firm, a substantial influx of older coins re-entering liquid circulation has triggered the most <a href="https://coingape.com/bitcoin-btc-supply-in-profits-at-high-risk-levels-further-correction-ahead/" target="_blank" rel="noopener">significant profit-taking</a> event since the all-time high (ATH) in November 2021.</p> 
<p>The peak of Realized Profit for this current cycle occurred on January 4th, marking a noteworthy milestone. On this day, a staggering amount of over $1.3 billion per day in profit was realized as cryptocurrencies changed hands at elevated cost bases. The observation suggests a substantial movement of long-held coins, contributing to a notable shift in the profit landscape within the crypto market.</p> 
<figure id="attachment_175504" aria-describedby="caption-attachment-175504" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-175504" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits.jpeg" alt="" width="4096" height="2359" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits.jpeg 4096w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits-300x173.jpeg 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits-1224x705.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits-768x442.jpeg 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits-1536x885.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits-2048x1180.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-Realized-Profits-150x86.jpeg 150w" sizes="(max-width: 4096px) 100vw, 4096px">
 <figcaption id="caption-attachment-175504" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/glassnode/status/1748359449901699453" target="_blank">Glassnode</a>
 </figcaption>
</figure> 
<h3 id="btc-whale-activity-on-the-rise">BTC Whale Activity on the Rise</h3> 
<p>In a significant development, crypto analyst Ali Martinez <a rel="nofollow" href="https://twitter.com/ali_charts/status/1748346572457611510" target="_blank">highlights</a> a notable uptick in Bitcoin whales today. The number of addresses holding over 1,000 BTC has surged to its highest level since August 2022, reaching a total of 1,510.</p> 
<p>This increase in the count of large Bitcoin holders raises intriguing possibilities, suggesting potential indicators of strong market confidence or strategic positioning among major players in the cryptocurrency landscape.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Today marks a notable uptick in <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> whales! The number of addresses holding over 1,000 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> has reached its highest since August 2022, now totaling 1,510. </p> 
 <p>This increase in large <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> holders could signal strong confidence or strategic positioning in the market. <a href="https://t.co/IooigIa9d0">pic.twitter.com/IooigIa9d0</a></p> 
 <p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1748346572457611510?ref_src=twsrc%5Etfw">January 19, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>However, there’s enough possibility that the <a href="https://coingape.com/bitcoin-btc-price-can-correct-to-34000-expect-multi-month-stagnation/" target="_blank" rel="noopener">Bitcoin price</a> can further drop to $34,000 before resuming the next bull run.</p> 
<p>The post <a href="https://coingape.com/bitcoin-price-sees-mild-bounce-back-whale-activity-at-15-month-high/">Bitcoin Price Sees Some Bounce Back, Whale Activity At 15-Month High</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin Price Sees Some Bounce Back, Whale Activity At 15-Month High

Table of Contents

Coingape News Media

Other articles published on Jan 20, 2024

3 Cryptocurrencies Under $0.1 That Can Rally Like Shiba Inu

Understanding the Sixth Layer in the Bitcoin Cycle: Analyst CryptoCon’s Insights

Presale live! Kelexo (KLXO) launches stage one as investors from Dogecoin (DOGE) and Solana (SOL)...

GBTC’s $2.2B Outflow Triggers Bearish Sentiment In BTC, ETH Options

Trezor reveals 66,000 users could face phishing attacks

Binance Trader sets Bitcoin Target Price at $100k for this date

Join our free newsletter for daily crypto updates!