Bitcoin Whales continues to buy 20,000 BTC

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Bitcoin whales have now started accumulating BTC again. This comes at a time when the crypto market is experiencing struggling prices marked by weak momentum. Now, with these big investors picking up the pace of their investments, there could be more movement on the horizon for bitcoin.

Bitcoin whales fill their bags

Data from on-chain aggregator Santiment shows that large bitcoin whales holding between 1,000 and 10,000 BTC are accelerating their accumulation. Over the past five days, these large investors have added over 20,000 BTC to their balances, making this a significant accumulation trend.

As a result, these bitcoin whales now hold a total of 4.57 million BTC. This figure represents 23.7% of the total BTC supply in circulation at the time, suggesting that this accumulation may have been factored into the recovery trend that bitcoin has experienced over the past two days.

BTC Whales Accumulate Over 20,000 Coins | Source: Twitter

The accumulation trend comes on the heels of the low activity recorded by these large bitcoin whales. As reported by Bitcoinist, large whale transactions have fallen to just 19% of total bitcoin transactions, indicating fatigue on the part of these large wallets.

However, the new accumulation of data points to longer-term play on the part of these whales. It also shows a willingness to buy at current levels, which could mean that big BTC whales might believe that the price of the digital asset may have bottomed out.

Will BTC continue its uptrend?

Bitcoin is now trading comfortably above the $17,000 level after a weekend rally pushed it above the important technical level. At current prices, the digital asset is hovering just around its 50-day moving average of $17,212, which puts it in a precarious position.

Such levels mean that the price of the cryptocurrency could swing in either direction and, moreover, it wouldn’t take much to trigger a tilt. So, while the accumulation of these large whales may have been part of the uptrend trigger, there must be more demand for BTC to continue higher and successfully break above its 50-day moving average.

BTC Price Surpasses $17,300 | Source: BTCUSD on TradingView.com

If it were to fall below this level, the support for BTC still stands at $16,600 and it could mean free will to lose around $500 in bitcoin value. However, should the momentum pick up again, BTC will test the $17,500 resistance before the end of the week.

Bitcoin is currently trading at $17,213 at the time of this writing. It rose by 0.06% in the last day and recorded gains of 2.95% in the last 7 days.

Follow Best Owie on Twitter for market news, updates, and the occasional funny tweet Featured Image from Watcher Guru, chart from TradingView.com

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