On Wednesday, August 23, the BTC value jumped again to $26,700 in a restoration transfer after final week’s Bitcoin collapse. Nonetheless, it has retraced partially and is at the moment buying and selling at $26,399 with a market cap of $513 billion.
On-chain information exhibits some optimism with Bitcoin whales again in motion after dumping final week. On-chain information supplier Santiment explains that Bitcoin surged to a peak of $26.8K on Wednesday as important whale and shark addresses are as soon as extra growing their holdings. Among the many 156,660 wallets holding 10 to 10,000 BTC, they’ve gathered a complete of $308.6 million since August seventeenth.
However, some stories urged that Robinhood has been accumulating $3 billion value of Bitcoins over the past 3 months. A secret pockets has gathered this amount which analysts consider belongs to Robinhood.
The key pockets that purchased $3,000,000,000 value of #Bitcoin within the final 3 months belongs to Robinhood.
Whilst you panicked, they purchased pic.twitter.com/pEES8e1FJf
— Crypto Rover (@rovercrc) August 23, 2023
Though Robinhood’s intentions for the substantial Bitcoin holdings stay unsure, this discovering underscores the corporate’s sturdy curiosity within the digital asset sector. Robinhood has been actively striving to draw extra cryptocurrency buyers to its platform. This revelation is more likely to generate elevated consideration from the crypto group.
Bitcoin Value Surge: A Useless Cat Bounce or Restoration?
It’s too early to say whether or not Bitcoin is altering course after Wednesday’s value bounce. Whereas the Bitcoin whales have resumed accumulation, short-term holders have been offloading closely over the past week.
#Bitcoin | Capitulation is within the air as short-term $BTC holders have been offloading closely this previous week. pic.twitter.com/fgBqvoOQrU
— Ali (@ali_charts) August 23, 2023
Additionally, the Bitcoin value momentum appears to be like total bearish on the technical charts. The latest rejection at this stage, mixed with the 50-day transferring common round the same value, has triggered a notable downward motion. Bitcoin (BTC) has breached the crucial 200-day moving average, located across the $28,000 mark. This holds important pattern info, and a dip beneath this stage suggests a potential shift in direction of bearish sentiment.
Though the RSI indicator has rebounded from oversold territory, it stays beneath the 50% threshold. This suggests that whereas the present value is transferring inside a variety, the general momentum continues to be leaning in direction of bearish sentiment. In consequence, there’s a chance that the market may take a look at the $25,000 zone as soon as once more within the close to future.
Crypto analyst IncomeSharks additional warned that Bitcoin ought to type three inexperienced candles. Solely then, we are able to verify the worth restoration.
Each #Bitcoin pump has retraced and dropped decrease since June. We have not seen 3 consecutive inexperienced candles since June. Too many getting excited on a single candle when we’ve seen ZERO comply with since June
— IncomeSharks (@IncomeSharks) August 23, 2023
The offered content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability on your private monetary loss.