- Bitcoin whales have continued to accumulate the cryptocurrency despite its recent price decline.
- Between the 7th and 8th of May, whales holding between 1000 and 10,000 BTC accumulated an additional 15,121 BTC, valued at $930 million.
- Despite this, bearish sentiments remain significant, with BTC recently crossing below its 20-day simple moving average (SMA).
Bitcoin whales defy bearish market sentiments, accumulating a significant amount of BTC despite the coin’s recent price decline.
Bitcoin Whales Continue Accumulation
Despite the recent decline in Bitcoin’s price, a group of investors known as “Bitcoin whales” have continued to accumulate the cryptocurrency. According to data from on-chain data provider Santiment, these whales, who hold between 1000 and 10,000 BTC, accumulated an additional 15,121 BTC between the 7th and 8th of May. This accumulation, valued at $930 million, pushed the total BTC holdings of this group to its highest level in 14 days. At press time, this group of investors held 38% of the coin’s circulating supply of 20 million BTC.
Bearish Sentiments Remain
Despite the continued accumulation by Bitcoin whales, bearish sentiments remain significant in the market. At press time, BTC was trading at $61,621, having recently crossed below its 20-day simple moving average (SMA). This is often viewed as a sign that sellers are in control and that the asset’s price will likely continue declining. BTC’s price fell below its 20-day SMA on the 7th of May and has since witnessed a 3% decline in its value. Key momentum indicators also show a decline in demand among general market participants. For example, the coin’s Relative Strength Index (RSI) was 44.12, while its Money Flow Index (MFI) was 23.21, indicating significant bearish pressure in the market.
Conclusion
In conclusion, despite the continued accumulation by Bitcoin whales, bearish sentiments remain significant in the market. The coin’s recent crossing below its 20-day SMA and declining key momentum indicators suggest that sellers are currently in control. However, the market is dynamic and future developments could potentially shift the balance of power.
