In a new Blockware Intelligence newsletter, analyst Will Clemente observes a new trend among Bitcoin whales, those holding over 1,000 BTC, picking up more BTC after months of distribution.
“Continuing to see whales holdings tick up after a multi-month downtrend. Watching over the next week or two to see if this trend continues. Looking promising thus far. This is one of the few on-chain metrics that provides us a peek into what’s going on on the demand side of the equation.”
In the analysis that was also highlighted in Anthony Pompliano’s ‘The Pomp Podcast, in absence of Will this time, the analysts also shows that the short term holders, those holding their BTC for less than 155 days, have been the ones selling recently. The group is still at a loss, with their average purchasing price $47,000 per Bitcoin, making it a critical price support level, for further upward gains.
“BTC has broken a three-month-long downtrend dating back to November. However, horizontal levels are far more important than diagonal. Major horizontal resistance still lies at $40,700; start closing above that, and we can start eyeing the confluence of yearly open and short-term holder realized price around $47,000. Above that $47,000 area, will have reclaimed HTF momentum in my opinion.”
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Source: Igaming
