Decline in Crypto Whales’ Activity Recorded During Bitcoin-Led Recovery in 2021

Decline in Crypto Whales' Activity Recorded During Bitcoin-Led Recovery in 2021

Bitcoin (BTC) Price Rises, Hope for Altcoin Recovery

The price of Bitcoin (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 digital currency market are optimistic about the  capacity 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 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 pointed out that whale activity is at a yearly low, with a whole lot of decline in large transactions exceeding $100k. This does not necessarily indicate bearish sentiment, as whales could be waiting for a chance to enter the market.

Price Action Analysis

If Bitcoin (BTC) can reclaim the zone between $27.7k and $28k as a level of support, the total cryptocurrency market cap could continue to rise. The present September has defied the historical bearish trend of pre-halving months. With October of the pre-halving year expected to be positive trend, there is a high chance that Bitcoin’s price will continue to rally towards $30k in the coming weeks.

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Hot Take: Bitcoin (BTC) 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 outlines the role of whales in driving the present cryptocurrency recovery, despite the fact that their activity is at a yearly low. The decline in whale transactions does not necessarily indicate bearish sentiment, as they could be waiting for an entry opportunity. If Bitcoin (BTC) can maintain its level of support, there is probable for further growth in the total cryptocurrency market cap.

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