At the beginning of this week, bitcoin (BTC) tested values just below $30,000 on some exchanges. Whale wallets holding at least 1,000 coins took part in the reset of the largest cryptocurrency.
On the eve of BTC began to win back losses, but it is too early to talk about a radical change in trend.
According to the CryptoQuant platform, long-term investors or so-called hodlers dumped part of their accumulated cryptocurrency in the first days of May.
The researchers found that investors who hold digital currency for more than a year bring it to exchanges over the past month.
It was during this period that we observed a heavy fall in bitcoin from $38,000 to $30,000. However, the hodlers did not get rid of all their coins.
Selling is gradually decreasing, which indicates the exhaustion of the bears and the imminent reaching of the bottom.
If the activity of hodlers weakens this week, then we can safely declare that the fundamental values for the cryptocurrency have been reached.
Another factor signaling that the bottom was reached was a surge in whale activity. The report from the Santiment team states that at the beginning of the week, the number of transactions in the Bitcoin network increased sharply in amounts of at least $100,000.
Addresses with a balance of more than 1000 BTC participated in such transactions. They completed about 10,000 major transactions last Monday. Just after this swim, the digital currency was able to jump above $30,000.
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