Bitcoin’s (BTC) price has risen over 3% in the last 24 hours, according to CoinMarketCap. This price rise, however, was not due to large BTC addresses, also known as whales and sharks, according to a tweet from blockchain analytics firm, Santiment (@santimentfeed). The tweet states that the collective accumulation of $821.5 million during the mid-sized crash was not the work of whales and sharks.
BTC’s weekly performance is currently at -8.06%, despite the 24-hour price increase. The cryptocurrency’s price stands at $20,568.31 at press time. The daily trading volume has risen 9.18% over the last 24 hours and currently stands at $39,550,890,661.
Additionally, Sydney TheCMO.eth (@SydneyIfergan), a prominent crypto influencer, tweeted about the news, noting that the accumulation by these large BTC addresses could be a sign of a bullish sentiment in the market.
The daily chart for BTC/USDT shows that BTC’s price is trading below the 9-day and 20-day Exponential Moving Average (EMA) lines. The price dropped below the two EMA lines on March 3, 2023. After this drop, BTC’s price attempted a recovery to the 9-day EMA line, but was unsuccessful.
Despite BTC’s rough week in the market, the recent price increase indicates a potential turnaround. However, it is important to note that the rise was not due to the actions of whales and sharks.
In the crypto world, whales and sharks are often blamed for sudden price drops or increases. These are individuals or entities that hold large amounts of a particular cryptocurrency and have the ability to influence its price with their trading activities. However, Santiment’s tweet suggests that this was not the case with BTC’s recent price increase.
In conclusion, BTC’s recent price increase is a positive sign for the crypto market, but it is important to remain cautious. The tweet from Santiment also indicates that whales and sharks may not always be the cause of sudden market movements.