There were transfers between unknown wallets amounting to 208,118 BTC, equivalent to 77.09% of the weekly total. A new bullish wave propelled the price of BTC, which hit a three-and-a-half-month high above USD 50,000.
The price of the pioneering cryptocurrency has been trying to hold the USD 50,000 level in the last week. An analysis of the behavior of the whales would allow understanding their influence on the performance of BTC.
The value of Bitcoin has risen by 2.1% in the last 24 hours and has reached around USD 52,660, according to CoinGecko. At the same time, the Bitcoin whales maintain a trend of accumulation and movement of coins between unknown wallets.
In a context where Bitcoin is trying to break through its resistance level, speculating what the whales might do with their tokens next is possible. That is the purpose of analyzing their activity during the first week of September.
The Activity of the Whales at the Beginning of September
In the last week, the Bitcoin whales moved a total of 269,972 BTC through 80 transactions. The most prominent trend in the movement of coins was the transfer between unknown wallets. That happened with 208,118 BTC, equivalent to 77.09% of the weekly total.
The second most marked trend has been accumulation, with 32,105 BTC transferred through five operations. The latter is equivalent to 11.89% of the total. Similarly, there was an introduction of liquidity to the market with 18,131 BTC transferred from unknown wallets to exchanges, accounting for 6.72% of the weekly total.
The Bitcoin whales also made transfers between exchanges, but in a less obvious way. Specifically, they moved 11,618 BTC from one of those platforms to another, representing 4.30% of the total.
The Performance of Bitcoin in the Last Week
A few days ago, a new bullish wave propelled the cryptocurrency markets higher. The price of BTC rose for four consecutive days to reach a three-and-a-half-month high above USD 50,000. The value of the cryptocurrency is above USD 52,000, and its market capitalization is about USD 990 billion.
A recent report showing low growth in the employment rate in the United States seemed to boost the price of Bitcoin. The document raised speculation about the influence of these weak economic data. They could lead the Federal Reserve to continue buying USD 120 billion worth of bonds per month longer than planned.
A break to the upside would allow the price of Bitcoin to hit USD 55,000 as momentum improves in the short term. The lowest support is at the 200-day moving average, around USD 46,000.
For that reason, the Bitcoin whales may have aimed to accumulate and move coins between unfamiliar wallets. By doing that, a bullish market due to this rally sustained for several days could lead the price to exceed USD 55,000.
The relevance of the pioneering cryptocurrency in the world economy is becoming increasingly apparent. The accumulation of Bitcoin by whales contributes to its price increasing due to the reduction of available coins. It is only a matter of time before the first crypto asset on the market hits USD 60,000 again.
By Alexander Salazar