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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

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  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

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    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin eyes return to ATH, but are you holding it back?

May 21, 2024
in Bitcoin
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Bitcoin eyes return to ATH, but are you holding it back?
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  • BTC has stayed above $66,000.
  • Small BTC wallets have dumped more coins in the past week.

Bitcoin [BTC] is trading above $66,000 and is attempting to climb back to its recent all-time high. Despite this rebound effort, small wallets have been selling off their holdings.

However, the overall accumulation of BTC has continued, suggesting that larger investors or institutions are still buying despite the sell-offs from smaller wallets.

Small Bitcoin wallets dump holdings

According to new data from Santiment, small Bitcoin wallets have been selling off their holdings in the past few weeks.

Analysis of the total number of holders showed that over 182,000 holders sold their holdings in the past week.

The chart indicated that wallets with under 0.1 BTC have reduced their holdings by 0.46% in the past week. This decline might be due to small wallets attempting to make quick profits.

Bitcoin holders

Source: Santiment

However, despite this decline, the pattern of small wallets selling and large wallets accumulating is typically considered a bullish sign.

Analysis of wallets holding 1,000 or more BTC showed that the volume held by these wallets has increased recently. At the time of this writing, the total number of Bitcoin holders was around 53.8 million.

Bitcoin continues to see negative netflow

Analysis of Bitcoin’s exchange netflow revealed that it recently experienced its highest negative volume.

On 15th May, the netflow was -22,359 BTC, the highest since December 2023. The chart indicated that netflow has remained negative since then, meaning more BTC is being withdrawn from exchanges than deposited.

See also  Bitcoin mining pushes sustainability agenda with over 50% of energy generated from renewables

This suggests that despite the sell-off from small BTC wallets, there is significant ongoing accumulation.

Bitcoin Netflow

Source: CryptoQuant

This trend is typically a bullish signal, indicating confidence among larger holders and reducing the available supply on exchanges. Consequently, the price trend could benefit from this increased accumulation.

BTC struggles to stay above $66,000

A look at Bitcoin on a daily time frame showed that it has recently entered the $66,000 price zone and has been struggling to maintain it.

According to AMBCrypto’s analysis, Bitcoin was trading at around $66,700, which is an approximate 0.7% increase at the time of this writing. 

Bitcoin price trend

Source: TradingView


Read Bitcoin (BTC) Price Prediction 2024-25


The chart indicated that Bitcoin recently flipped its short moving average (yellow line), which had previously acted as resistance, into support.

The immediate support level was around $64,000 at the time of this writing.

 

Next: Solana-based Zack Morris crypto [ZACK] explodes 200%, but should you be wary?

READ ALSO

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  • BTC has stayed above $66,000.
  • Small BTC wallets have dumped more coins in the past week.

Bitcoin [BTC] is trading above $66,000 and is attempting to climb back to its recent all-time high. Despite this rebound effort, small wallets have been selling off their holdings.

However, the overall accumulation of BTC has continued, suggesting that larger investors or institutions are still buying despite the sell-offs from smaller wallets.

Small Bitcoin wallets dump holdings

According to new data from Santiment, small Bitcoin wallets have been selling off their holdings in the past few weeks.

See also  Bitcoin aims for $72,000: Here's what it needs to hit the next milestone

Analysis of the total number of holders showed that over 182,000 holders sold their holdings in the past week.

The chart indicated that wallets with under 0.1 BTC have reduced their holdings by 0.46% in the past week. This decline might be due to small wallets attempting to make quick profits.

Bitcoin holders

Source: Santiment

However, despite this decline, the pattern of small wallets selling and large wallets accumulating is typically considered a bullish sign.

Analysis of wallets holding 1,000 or more BTC showed that the volume held by these wallets has increased recently. At the time of this writing, the total number of Bitcoin holders was around 53.8 million.

Bitcoin continues to see negative netflow

Analysis of Bitcoin’s exchange netflow revealed that it recently experienced its highest negative volume.

On 15th May, the netflow was -22,359 BTC, the highest since December 2023. The chart indicated that netflow has remained negative since then, meaning more BTC is being withdrawn from exchanges than deposited.

This suggests that despite the sell-off from small BTC wallets, there is significant ongoing accumulation.

Bitcoin Netflow

Source: CryptoQuant

This trend is typically a bullish signal, indicating confidence among larger holders and reducing the available supply on exchanges. Consequently, the price trend could benefit from this increased accumulation.

BTC struggles to stay above $66,000

A look at Bitcoin on a daily time frame showed that it has recently entered the $66,000 price zone and has been struggling to maintain it.

According to AMBCrypto’s analysis, Bitcoin was trading at around $66,700, which is an approximate 0.7% increase at the time of this writing. 

Bitcoin price trend

Source: TradingView


Read Bitcoin (BTC) Price Prediction 2024-25

See also  Bitcoin price crash alert: Analyst predicts ETF-driven plunge, time to sell?

The chart indicated that Bitcoin recently flipped its short moving average (yellow line), which had previously acted as resistance, into support.

The immediate support level was around $64,000 at the time of this writing.

 

Next: Solana-based Zack Morris crypto [ZACK] explodes 200%, but should you be wary?
Tags: ATHBitcoinEyesHoldingreturn

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