Bitcoin Whales on the Move as Bullish Momentum Gains
Bitcoin (BTC) has experienced high volatility recently, but recent whale movements indicate a bullish moment for the flagship cryptocurrency.
- Bitcoin whale transactions (valued at least $1 million) have seen a sudden rise over the past 24 hours, increasing from 1,013 to 1,579.
- The number of active Bitcoin addresses has reached a 26-day low of 18.23 million, indicating a decrease in activity.
- The Market Value to Realized Value (MVRV) ratio suggests that Bitcoin is undervalued by 1.6% and needs to reach $29,600 to hold its real value.
- Bitcoin’s trading volume has spiked by 65% in the past 24 hours, reaching $13.63 billion.
- The rise in Bitcoin’s price and whale activity may indicate a bullish trend for the broader cryptocurrency market.
According to CoinMarketCap, the global cryptocurrency market capitalization has surpassed $1.163 trillion, a 0.35% increase.
If Bitcoin’s price falls below $29,000, it may not be profitable for BTC miners in 2024.
Hot Take
The recent rise in Bitcoin whale transactions and the undervaluation of Bitcoin suggest a potential bullish trend for the flagship cryptocurrency. Despite a decrease in active addresses, the trading volume has spiked, signaling increased interest. This could have positive implications for the broader cryptocurrency market and may lead to further price increases. However, investors should monitor Bitcoin’s price closely as it approaches the $29,600 mark to determine if it can hold its real value.
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