What is Bitcoin [BTC] whales up to? Decoder…

• BTC’s accumulation trend was interesting and could affect BTC’s price.
• Metrics on the chain painted a neutral picture as a few of them supported the bulls.

On February 23, Santiment pointed out an interesting trend in Bitcoin [BTC] accumulation among sharks and whales. According to the tweet, addresses with 100-1000 BTC remained stagnant while BTC’s price hovered within the range of $23,000 – $25,000.

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🐳🦈 The amount of sharks and whales #Bitcoin Addresses remain flat as the $23k to $25k price range continues. If 1K-10K $BTC addresses begin to rise similarly to 10-100 and 100-1K $BTC addresses have in the last 3 months, it would be an outbreak sign. pic.twitter.com/P7HwCGeMoT

— Santiment (@santimentfeed) 23 February 2023

Read Bitcoins [BTC] Price prediction 2023-24

On the other hand, addresses with a balance of 1,000 – 10,000 BTC continued to decline. The tweet also highlighted the possibility of a northward breakout of BTC’s price if addresses with 1,000 – 10,000 BTC recorded an increase in the coming days.

This could be a good buying opportunity

Joaowedson, an analyst and writer at CryptoQuant, published a analysis on February 24, which pointed out the current market trend for BTC. According to the analysis, the 350-day moving average (MA) and 100-day exponential moving average (EMA) of the Taker Buy Sell Ratio indicator can identify changes in Bitcoin’s price trend.

Local bottoms and tops in the price of bitcoin can be identified when the 100-day exponential moving average crosses a fixed value line of 1. Looking at the current chart, there was a good buying opportunity when the 100-day EMA reached the fixed value line of 1.

Where is the market headed?

According to CoinMarketCap, BTC’s price recorded a decrease of almost 2.5% in the last 24 hours and at the time of writing it was trading at $23,942.46 with a market capitalization of more than $462 billion. A deeper look at BTC’s on-chain calculations provided by CryptoQuant provided a better understanding of the market condition and shed light on the path BTC may take in the coming days.

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For example, BTC‘s foreign exchange reserves were declining, which was a development in favor of buyers, as it indicated lower selling pressure. Another positive metric was BTC’s funding rate, as long traders were dominant and willing to pay short traders. Furthermore, BTCThe exchange rate was also consistently high, which was a bullish signal.

However, not everything worked out in BTC’s favor. The Royal Mint’s MVRV ratio recorded a decline in the past week. BTC’s aSORP was also in the red, suggesting more investors sold at a profit.

Source: Sentiment