Bitcoin whales have been buying the dips' as BTC price rebounded to $45K this week.
, have started accumulating more tokens during the recent market recovery. As of Feb. 10, the total supply in these addresses was 8.096 million BTC versus 7.95 million on Jan. 24, according to data from Coin Metrics.The buying sentiment among the richest crypto investors picked momentum during Bitcoin's recovery in the past two weeks as BTC rebounded from its 2022 low of $33,000 on Jan. 24 to around $43,500 on Feb. 11.
Interestingly, the clusters looked the same as they did in the days leading up to BTC's record high of $69,000 in November 2021."Once more this cycle, this rebound in price correlates pretty well with both the small fish and the whales addresses buying simultaneously for an extended period of time, wrote Nick, the analyst at Ecoinometrics, in a"I don't know if this signal is going to continue being predictive of a sustained rally, but hey, for now it is working fine.
"Right now it is just warming up," the Ecoinometrics analyst said, adding that"in theory, there is no obstacle to the price rising much higher except for the lack of momentum."Meanwhile, on-chain data tracking planform WhaleMap$46,200-$49,000 as Bitcoin's"current resistance range," citing higher trading activity inside the price area in the past.
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