Bitcoinย (BTC) Price Rises, Hope for Altcoin Recovery
The price of Bitcoinย (BTC) has increased by about 3 percent in the past 24 hours, reaching over $27.3k on Monday. This rise has raised hopes for a recovery in altcoins. Investors and traders in the digitalย currency market are optimistic about theย capacity impact of high-impact news expected later in the week. Theย Unitedย States Fed and the Bank of England will release interest rate data on Wednesday and Thursday respectively.
Santimentโs Analysis of Cryptocurrency Whales
Santiment, an on-chain intelligence platform, has observed that the ongoing recovery in the cryptocurrency market, led by Bitcoin, is mainly driven by whales. Nonetheless, Santiment pointedย outย that whale activity is at a yearly low, with a wholeย lotย of decline in large transactions exceeding $100k. This does not necessarily indicate bearish sentiment, as whales couldย be waiting for aย chance to enter the market.
Price Action Analysis
If Bitcoinย (BTC) can reclaim the zone between $27.7k and $28k as a levelย ofย support, the total cryptocurrency market cap could continue to rise. Theย present September has defied the historical bearish trend of pre-halving months. With October of the pre-halving year expected to be positiveย trend, thereย is a high chance that Bitcoinโs price will continue to rally towards $30k in the coming weeks.
Hot Take: Bitcoinย (BTC) Price Rise Sparks Hope for Altcoin Recovery
The recent increase in Bitcoinโs price has provided hope for a recovery in altcoins. The positive market sentiment is driven by upcoming high-impact news from theย Unitedย States Fed and the Bank of England regarding interest rate data. Santimentโs analysis outlines the role of whales in driving theย present cryptocurrency recovery, despiteย theย factย that their activity is at a yearly low. The decline in whale transactions does not necessarily indicate bearish sentiment, as they couldย be waiting for an entry opportunity. If Bitcoinย (BTC) can maintain its levelย ofย support, thereย is probable for further growth in the total cryptocurrency market cap.
Cino Gaperi stands out as a prominent crypto analyst, accomplished researcher, and adept editor, making significant contributions to the field of cryptocurrency. With a strong background in crypto analysis and research, Cino’s insights delve deep into the intricate aspects of digital assets, appealing to a diverse audience. His keen analytical skills are complemented by his editorial proficiency, allowing him to distill complex crypto information into easily digestible content.
