Happy Birthday Satoshi Nakamoto!- This is today’s fun fact: Satoshi Nakamoto was (supposedly) born on April 5th. In the midst of the banking crisis, if the creator of Bitcoin is still alive, he must be proud of the journey of his precious jewel. This morning, the price of BTC dropped below $28,000 before recovering and starting to rise again.
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Bitcoin Price Slows, But Holds $28,000
Bitcoin (BTC) is still moving above $28,000but the volatility remains low on this Thursday, April 6. The price has been idling for several days, it displays a slight increase in 24 hours :
BTC is picking up the slack against Ethereum. In 24 hours, the price of the pair is in 1.68% increase. Now the pair is showing a decline of more than 5% In a week. As the Shanghai update arrives in less than a week, BTC continues to attract capital.
Bitcoin price stagnates, whales take advantage to accumulate
On-chain analysis makes it possible to know the behavior of large wallets. Whales are entities with more than 1,000 BTC in the portfolio, they are therefore capable of impacting the price. Let’s analyze a graph showing the addresses with more than 10,000 BTC in portfolio:
It is interesting to note that these entities have distributed from January 2021. The quantities being very large, there must be demand in front of them to be able to sell. However, since January 2022, the whales have changed their behavior. As the price fell, the whales accumulatedeven during the bankruptcy of FTX. In 2023, the whales seem to keep accumulating. Seems like their purpose is the same: accumulate when the price falls in order to distribute to new entrants when Bitcoin hits the headlines.
The price of Bitcoin is stagnating, but volatility could quickly return?
For the past few weeks, the price of Bitcoin has been moving around $28,000 :
The price of BTC is in the process of Contract. Indeed, the price is forming higher and lower troughs, and lower and lower peaks. Fact, the volatility of the asset falls. However, this kind of construction generally leads to a strong movement. A fence above $29,170 would break the tidy and join the resistance at $30,500. Also, the RSI indicator should develop above 59.5 to maintain the momentum on the buyers’ side.
The whales seem to be taking advantage of the doubt currently hovering over the cryptocurrency sector to accumulate. It’s time for accumulation for addresses with more than 10,000 BTC, we will have to be attentive to their behavior in the coming months. In the short term, the price of BTC is contracting, volatility could arrive in the days to come. Will the buyers manage to break the resistance at $28,500?
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