The top ten Tether wallets held tokens worth $15.23 billion recently. Market indicators suggested that investors could expect a few days of slow moves.
Bitcoin [BTC] has shown a steady increase in its value in recent weeks as its value remained above the $37,000 mark. In fact, the price of the king coin recently surpassed $38,000. According to the latest data, things may improve further in the coming days as major players in the crypto market show confidence in BTC.
The most popular cryptocurrency has risen practically 130% from the $16,600 it ended last year, although its all-time highs are still far away: in November 2021 it reached $68,990.90.
The low supply of Bitcoins currently on the market helps raise the price. The supply in circulation is extremely low, according to Glassnode, and long-term investors are holding on to their reserves while waiting for prices to continue rising. The number of Bitcoins held in wallets with a minimum spending history recently hit a record high of over 15.4 million.
Bitcoin Is Still Bullish
CoinMarketCap’s data revealed that its price rose more than 4.5% over the past week. In the last 24 hours alone, BTC rose more than 3.3%. At the time of writing, it was trading at $38,225.01 with a market capitalization of over $747 billion.
As previously reported on AMBCrypto, it was interesting to note that Bitcoin holders show unwavering confidence in the king coin despite market fluctuations. The coin was experiencing strong momentum, coinciding with substantial positions by holders.
In the midst of this, Santiment recently posted a tweet pointing out a notable development. According to the tweet, the BTC supply on exchanges has continued to move to self-custody. While this reflected an increase in buying pressure, it also hinted at a decline in confidence in CEXs in the recent past. While this was happening, the 10 largest Tether [USDT] exchange wallets increased their holdings.
On November 28, Santiment posted the following on X:
“Bitcoin’s supply on exchanges has continued moving into self-custody, as exchange reputation continues to diminish. Meanwhile, the 10 largest Tether exchange wallets hold $15.23B, pushing exchange buying power to its highest level in 17 months.”
Any time the supply of stablecoins, including Tether, increases, it suggests that the market’s purchasing power is high. Therefore, buyers may put even more buying pressure on BTC in the coming days, which could result in a continued bullish rally over the next few weeks.
Is Bitcoin Really Ready for a Bull Run?
AMBCrypto then examined CryptoQuant data to understand if buying pressure on the coin was high. According to our analysis, the BTC currency reserve was falling, which seemed optimistic. Also, its binary CDD was green.
This meant that long-term holders’ movements over the past seven days were lower than average, reflecting their willingness to hold on to their assets. In fact, Bitcoin’s Coinbase premium was also in the green, suggesting that investors in the United States were buying the currency overall.
However, upon closer inspection, AMBCrypto found that investors could expect a few days of slow movement beforehand. BTC price action turned volatile. In particular, the MACD showed a fight between bulls and bears.
At the same time, the money flow index (MFI) recorded a slight decline and headed towards the neutral mark. However, the Relative Strength Index (RSI) remained bullish as it rose at the time of this news.
By Audy Castaneda
