Bitcoin's price increased by 2.5% in the last 24 hours, drawing attention to changes in the cryptocurrency market. While still 7% below its peak, market activity continues to grow.
Diminishing Whale Selling Pressure
Major investors, known as whales, have been reallocating their capital, increasing individual investor activity. The Whale Ratio has decreased from 0.54 on August 19 to 0.43 on August 22, marking the lowest rate in two weeks. Analysts note that such changes could indicate potential price increases for bitcoin.
Accumulation Signals from Long-Term Investors
With decreased whale sales, attention has shifted to long-term investors. The HODL Waves metric shows an increase in bitcoin accumulation across certain groups. Specifically, the rate in 1-2 year wallets rose from 10.31% to 10.57%, and in 3-6 month wallets from 6.40% to 7.19%. Experts believe this trend suggests market confidence.
Price Levels and Potential Scenarios
Current technical indicators also support market changes. Bitcoin has found support at $115,400, with resistance at $117,600. If the price drops below $111,900, a short-term declining trend may strengthen, but potential growth remains possible.
Analysts suggest that current changes may precede potential testing of new historical peaks for bitcoin. Despite delays, the upward trend remains relevant.
