BTC Price Recovery, Whales Accumulating, and Robinhood’s Bitcoin Holdings
The BTC price has bounced back to $26,700 after last week’s collapse but has retraced partially and is currently trading at $26,399. Bitcoin whales and sharks are increasing their holdings, with 156,660 wallets accumulating a total of $308.6 million since August 17th. Additionally, reports suggest that Robinhood has accumulated $3 billion worth of Bitcoins over the last three months, indicating their strong interest in the digital asset sector.
Main Breakdown:
- BTC price jumps back to $26,700 after collapse
- Bitcoin whales and sharks increase their holdings
- Robinhood accumulates $3 billion worth of Bitcoins
- Uncertain intentions for Robinhood’s Bitcoin holdings
- Increased attention from the crypto community
While whales are accumulating, short-term holders have been offloading heavily. The Bitcoin price momentum looks bearish on the technical charts, with a notable downward movement triggered by recent rejection at a key level. The breach of the crucial 200-day moving average suggests a possible shift towards bearish sentiment. However, the RSI indicator has rebounded from oversold territory, but remains below the 50% threshold, indicating a leaning towards bearish sentiment. Crypto analyst IncomeSharks warns that three consecutive green candles are needed to confirm a price recovery.
Hot Take:
The recent BTC price bounce may not indicate a recovery, as short-term holders have been selling heavily. The technical charts show bearish momentum, and the breach of the 200-day moving average suggests a shift towards bearish sentiment. It remains to be seen if Bitcoin can form three consecutive green candles to confirm a price recovery.
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