According to the last Saniment data, Bitcoin whales bought an additional 40,000 BTC tokens in the last two days before the recent rally to $42,000. The on-chain analytics firm notes that these large entities own the same amount again before their discharge started at $49,000. Bitcoin has steadily declined from highs of $48,574 on December 31, 2021, to lows of $39,650 on January 10.
🐳📈 #Bitcoins rebounded and is +$1000 in price in the last 5 hours. Now sitting at $42.4k, this comes after whales racked up another 40k $BTC in the last 2 days only. They are now back to owning the same amount as before their discharge began at $49,000. https://t.co/1ZnyrYpr1S pic.twitter.com/vR2GgXPUlZ
— Santiment (@santimentfeed) January 19, 2022
With imminent volatility ahead, Saniment notes that traders’ perceptions of large-cap assets vary. Bitcoin traders believe a downside buying opportunity is near while Ethereum traders bask in euphoria.
Several indicators seem to suggest adhesion signals. The entity-adjusted dormancy flow of Bitcoin suggests that BTC is creating a local bottom. To determine whether experienced market participants are spending their BTC, this metric looks at the ratio of current market capitalization to annualized dormant value.
Whenever there is a significant drop in #Bitcoins alumni spending, entity-adjusted dormant flow falls below 250,000, which is a great buy zone.
This metric has timed every market dip and a similar outlook may be playing out now as the dormant value has risen above the market cap. pic.twitter.com/xhMiuxq3zT
—Ali Martinez (@ali_charts) January 19, 2022
When so-called alumni spending falls, the entity-adjusted dormant flow falls below 250,000, indicating a buy zone. This metric has timed every market low, and now that the dormant value has risen above the market cap, the same scenario could play out again.
bitcoin price
in the block IOMAP The pattern indicates that the $41,180-$42,470 range is the key support for the price of Bitcoin as more than 1.22 million addresses have previously acquired 615,000 BTC here.
$BTC price analysis
1/ Accompaniment
IOMAP reveals that #Bitcoins currently sits at the last tier of crucial supportBetween $41,18,000 and $42,470,000, over 1.22 million addresses previously acquired 615,000 BTC. As evidenced by the level of trading activity, the bulls are fighting to hold here pic.twitter.com/GpN4cTmKNY
— IntoTheBlock (@intotheblock) January 19, 2022
the in chain Santiment’s analytics note that a rigid barrier exists in Bitcoin’s path above $48,000, as nearly a million addresses holding 316,000 BTC here may want to break even on their positions.
Before the $48,000 barrier, Bitcoin needs to overcome selling pressure from 5.7 million addresses holding 1.54 million BTC.
Bitcoin is trading at $42,000 at press time.