Bitcoin whales deal in fewer bitcoins…details here

Bitcoin whales deal in fewer bitcoins…details here

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Answer Bitcoin whales deal in fewer bitcoins…details here

After showing some volatility last week, the world’s largest cryptocurrency held a steady position at around $19,200.

The recent Bitcoin price movement has confused investors as to which direction it will swing next.

The data also shows an interesting exchange of bitcoins between the hands of whales and small addresses.

Analytics platform Santiment shows that bitcoin whales have held the lowest supply in the past three years.

At the same time, the supply of Bitcoin to small and medium addresses touched an all-time high.

Santiment’s report states that:

Small to medium-sized bitcoin addresses (containing between 0.1 to 10 bitcoins) contain 15.9% of the available supply of the digital currency bitcoin.

Read:How can blockchain technology develop the justice system?

Meanwhile, whales (which own 100 to 10 thousand bitcoins) are hitting a 3-year low of 45.6% of supply.

At the same time, the supply of bitcoin used in remittances and mobiles over the past six months has reached an all-time low, according to a Glassnode report.

In a six-month period, the active circulating supply of Bitcoin reached 18.12% which represents 3.485 million Bitcoins.

As Glassnode explained:

Historically, very low volumes of floating supply typically recorded after long bear markets.

Where is bitcoin headed?

Crypto market analyst Kabo notes that Bitcoin could give an upward movement all the way to $21,000, which is a major resistance area.

We already mentioned that the Bitcoin futures market has taken a break from the selling pressure.

Additionally, data from the Coinbase Pro trading platform shows that more than 48,000 bitcoins have exited the platform.

Analyst “Cabo” added that the general trend is bearish.

He also indicated:

The current support level is between $18,000 to $19,000.

Read:A new scam managed to steal a billion dollars in Bitcoin and cryptocurrencies

The price has been bouncing off this level several times.

However, the recoil is weakening.

Which indicates that the buying power from this level is weaker and the bears rush down every time.

And this support could eventually be broken.

Read also:

Why does Aptos Labs want Binance to stop listing its cryptocurrency, APT?

Many people buy the wrong APT coin before Aptos is listed…Apricot coin is taking advantage of the situation and is up 70%

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