Record Billion USD in Bitcoin Transferred as This Report Says Bitcoin May Start Rising Soon
Anonymous whales have moved nearly a billion USD in BTC within an hour, here’s what could be behind it
Popular crypto tracking service Whale Alert, which tracks large crypto transactions, has shared that four consecutive transactions recently moved a whopping 47,846 Bitcoins in four chunks.
Meanwhile, a recent Santiment report shows that Bitcoin has shown signs of a price revival, with the Bitcoin hash rate reaching another record high, despite the price remaining low.
Whales Move Near $1B in BTC, Bitcoin Shows Signs of Reversal
Almost 48,000 BTC were moved in four transactions – three of which had almost 13,000 BTC each. In total, these four transfers were evaluated at $939.8 million.
All the transactions were sent from different wallets to different addresses, and no single address was used more than once. It appears that the whales have redistributed their holdings.
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Meanwhile, a recent report published by Santiment data aggregator shows that the long-term metrics of Bitcoin have shown signs of a reversal for several months already, even though the price remains in the lows.
The indicators showing positive signs for Bitcoin are MDIA (no distribution of BTC has happened for a long time) and MVRV, social volume and weighted sentiment, and network realized-profit-loss (NRPL).
📊 #Bitcoin‘s long-term metrics have been showing encouraging signs of a turnaround for a few months now, despite prices being stuck in the mud. Our latest insight touches on the network’s losses, and the low discussion rates while #altcoiners look for fast pumps. pic.twitter.com/Q9QCZe7lnY
— Santiment (@santimentfeed) 17 October 2022
Bitcoin on the verge of breakout: Weiss Crypto
On October 17, Weiss Crypto, a cryptocurrency-focused branch of the Weiss Ratings agency, stated that despite the unimpressive market performance over the weekend, the flagship cryptocurrency, Bitcoin, may be on the verge of a breakout, judging by the behavior of technical technology. indicators.
The report stated that Bitcoin is “very bullish in a technical sense.”
Also, the fact that the BTC hashrate hit a new high the other day also confirms the likelihood of a breakout happening soon.
Bitcoin price action
At the time of writing, the leading digital cryptocurrency is changing hands at the $19,537 level, up 1.49% in the last 24 hours, according to CoinMarketCap. Bitcoin is trying to recover its recent losses after falling from the $19,800 peak a few days ago – October 14th.
This increase followed a dump of the price down to the $18,183 zone the day before that, following the release of October CPI data, which was higher than expected. This means that the Federal Reserve will likely continue to raise interest rates in an attempt to break the back of rising inflation.
