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Bitcoin surged above $18,000 this week, boosting the cryptocurrency market amid a frenzy in risk asset markets over inflation subsiding in the United States.
The flagship cryptocurrency hit a high of $18,385 ahead of Wednesday’s 50% rate hike by the US Federal Reserve.
Fed’s Jerome Powell’s hawkish remarks helped dampen sentiment pushing BTC below $18,000 again, but overturned the key support base established in the aftermath of the FTX implosion. The cryptocurrency is still poised for a new rally given the bulls holding above prices.
Bitcoin’s retreat from $18,385 suggests that the bulls may need to rely on the $17,200 buffer. Below that, the bears could target his $15,700.
Despite the rejection at the intraday high above $18,300 seen this week, Bitcoin looks set to retest price levels given its strong fundamental outlook.
According to Ochain Data share According to marketplace platform Santiment, more Bitcoin sharks and whales scooped up Bitcoin in the past week. This happened during his FTX crash, and as the company’s data shows, addresses holding between 100 and 10,000 BTC have added over $726 million to their BTC in just nine days. Did.
Breaking: #bitcoinaddresses are held between 100 and 10,000 $BTC bought $726 million at $BTC Last 9 days. in the meantime, #stablecoins assets like $USDT, $BUSD& $DAI are also rapidly being bought. This is a recipe for good things. read all about it. https://t.co/H0G6oJhWFp pic.twitter.com/lOKPAfzZNO
Santiment (@santimentfeed) December 15, 2022
About 15,900 wallet addresses in this category hold 8.5 million bitcoins worth over $149 billion (at current prices).
Notably, it adds to the accumulation seen since news of the implosion of FTX sent Bitcoin’s price down sharply in early November.
Not only whales and sharks, but also shrimp and crabs are getting alpha. Two wallet cohorts are actively buying his BTC. As highlighted here, in his 30 days he added over 96,000 BTC worth over $1.6 billion.
