Recent data shows that the amount of HODLed or lost BTC is at 7.8 million Bitcoins, indicating that BTC holders are opting to hold onto their coins. Additionally, whale activity has been increasing, with addresses holding at least 1,000 BTC and 10,000 BTC registering upticks in demand. This accumulation by whales could result in more upside for Bitcoin's price. The cryptocurrency's price action has been trading within a support and resistance bound upward channel, and recent price weakness led to a retest of the ascending support line. However, Bitcoin has since regained some strength in line with the whale accumulation. The MFI indicator confirms the resurgence of bullish momentum, although it is still relatively low.
The amount of HODLed or lost BTC was at 7.8 million Bitcoins at press time. The fact that BTC holders are opting to HODL is a good sign for the bulls. This may explain why its sell pressure has been limited.Whale are finally warming up to Bitcoin
A look at whale activity revealed that Bitcoin’s demand has been improving as of late. For example, addresses with balances of at least 1,000 BTC registered a sizable uptick from 6 to 10 August. Even more impressive was that addresses holding at least 10,000 BTC registered a large spike between 7 – 10 August.Whales have a considerable impact on asset prices, hence growing demand from whales could result in more upside.
The cryptocurrency’s price action has been trading within a support and resistance bound upward channel. Bitcoin’s price weakness recently led to a retest of the ascending support line.in line with the recent whale accumulation. BTC exchanged hands at $29,502 at the time of writing.Bitcoin’s MFI indicator confirmed the resurgence of bullish momentum. However, only a slight uptick was observed recently, hence indicating that bullish momentum is still low.
The derivatives segment also demonstrated similar optimism. Both futures and options Open Interest recently bounced back after previously declining in July.The above findings confirmed that Bitcoin was swaying in favor of the bullish side. In addition, the regulatory environment has been gradually improving and there is more to come.
El Salvador is one of the countries that has played a key role in paving the path for regulatory structure.
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