Coming to the end of 2022, the cryptocurrencies that whales “attack” have also become clear. Bitcoin and stablecoin whales bought from Bitcoin and three altcoin projects. The altcoins in question are stablecoins. Here are the details…
Bitcoin and altcoin whales hoarding these cryptos
The price of Bitcoin and other cryptocurrencies experienced a slight rebound. Cryptos like Bitcoin and Ethereum jumped to their highest levels in nearly a month on Tuesday. cryptocoin.com As we reported, BTC and altcoins have been trying to recover since the collapse of FTX. Meanwhile, experts at Santiment pointed to BTC and stablecoin exits. He pointed out that as the said outflows increased, whales were collecting assets from exchanges. Meanwhile, they observed that the enthusiasm in the market increased.
Meanwhile, according to the data, large wallet investors of the Bitcoin network continued to accumulate large amounts of BTC. Exchanges witnessed $1.4 billion worth of Bitcoin outflows on Wednesday, according to data from Bitcoin Magazine. Also, Whales has collected large amounts of stablecoins in anticipation of an upcoming Bitcoin price rally. Among them, it collected Tether (USDT), Binance USD (BUSD), and DAI. These cryptocurrencies are pegged at a ratio of 1:1 to $1. Accumulation by whales is considered bullish for the asset.
Some traders believe in “Santa Claus rally”
Bitcoin addresses holding 100 to 10,000 BTC added $726 million worth of assets to their portfolios in less than ten days. Santiment data reveals that the USDT, BUSD and DAI holdings of whales with $100,000 to $10,000,000 in stablecoins are skyrocketing. According to Santiment’s tweet, traders’ enthusiasm should remain high while fears remain low to push the price of Bitcoin up.
Apart from these, December is the peak of the holiday season which gives rise to the “Santa Claus” rally. It marks the rally of stock markets and cryptocurrencies in the days leading up to Christmas. Investors believe that December is a lucky month and cryptocurrencies may rally as enthusiasm spreads among traders.
What does price analysis indicate?
Bitcoin price is currently in a short-term uptrend that started on November 22. In the first ten days of December, Bitcoin price moved with support from the 50-day EMA. On the other hand, resistance is located at the 200-day EMA. But on December 13, the price broke above both MAs and rallied. The two moving averages met at $17,327, a key support level for Bitcoin price. According to Analyst Ekta Mourya, if the 50 EMA closes above the 200 EMA, we can see a Golden Cross. This pattern indicates an uptrend.
However, the overall trend of BTC price on daily and weekly charts points to more potential downside threats. If bitcoin price breaks and dips below the bottom of the 4-hour chart channel, roughly $17,200, this indicates that the short-term trend may change. It also signals the possibility of a bearish breakout in line with the longer-term bearish trend. Another break below the December 12 low of $16,880 would signal agreement for the bears. This means a lower continuation. According to the analyst, the next support levels could be $16,475 and $16,065.
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