Bitcoin Price Rises, Hope for Altcoin Recovery
The price of Bitcoin has increased by about 3 percent in the past 24 hours, reaching above $27.3k on Monday. This rise has raised hopes for a recovery in altcoins. Investors and traders in the cryptocurrency market are optimistic about the potential impact of high-impact news expected later in the week. The United States Fed and the Bank of England will release interest rate data on Wednesday and Thursday respectively.
Santiment’s Analysis of Crypto Whales
Santiment, an on-chain intelligence platform, has observed that the ongoing recovery in the crypto market, led by Bitcoin, is mainly driven by whales. However, Santiment noted that whale activity is at a yearly low, with a significant decline in large transactions exceeding $100k. This does not necessarily indicate bearish sentiment, as whales may be waiting for an opportunity to enter the market.
Price Action Analysis
If Bitcoin can reclaim the zone between $27.7k and $28k as a support level, the total crypto market cap could continue to rise. The current September has defied the historical bearish trend of pre-halving months. With October of the pre-halving year expected to be bullish, there is a high chance that Bitcoin’s price will continue to rally towards $30k in the coming weeks.
Hot Take: Bitcoin Price Rise Sparks Hope for Altcoin Recovery
The recent increase in Bitcoin’s price has provided hope for a recovery in altcoins. The positive market sentiment is driven by upcoming high-impact news from the United States Fed and the Bank of England regarding interest rate data. Santiment’s analysis highlights the role of whales in driving the current crypto recovery, even though their activity is at a yearly low. The decline in whale transactions does not necessarily indicate bearish sentiment, as they may be waiting for an entry opportunity. If Bitcoin can maintain its support level, there is potential for further growth in the total crypto market cap.
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