Diving into Bitcoin whale activity: 15 thousand BTC acquired in 2 days

• A cohort of BTC whales continued to fill the bags.
• This happened despite the coin’s recent price action.

Bitcoin [BTC] whales have intensified accumulation despite the currency’s recent decline below $62,000.

According to on-chain data provider Santiment, BTC whales holding between 1,000 and 10,000 coins accumulated 15,121 BTC valued at $930 million between May 7 and 8.

This brought the cohort’s total BTC holding to its highest level in 14 days.

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At press time, this group of BTC investors held 38% of the coin’s circulating supply of 20 million BTC.

BTC has to face the bears

At press time, BTC changed hands for $61,621. The coin recently crossed below its 20-day simple moving average (SMA), putting it at risk of further decline in the near term.

When an asset’s price falls below its 20-day SMA, it suggests that the asset’s short-term trend is bearish.

Market participants often see this as a sign that sellers are in control and that the asset’s price will likely continue to fall.

BTC price movement readings on a 1-day chart showed that its price fell below its 20-day SMA on May 7th and has since witnessed a 3% decline in its value.

Additionally, the coin has seen a decline in demand among market participants overall. An assessment of its main momentum indicators showed them below their respective centerlines at the time of publication.

For example, the coin’s Relative Strength Index (RSI) was 44.12, while the Money Flow Index (MFI) was 23.21. At these values, the indicators showed significant downward pressure on the market.

Likewise, at the time of this writing, the coin’s Chaikin Money Flow (CMF) is about to cross below the zero line. This indicator measures the flow of money in and out of the currency market.

A CMF value below zero indicates market weakness, suggesting greater outflow of liquidity.

Source: BTC/USDT on TradingView

If the bears strengthen their position, they could pull the coin’s price down to the support line of BTC’s descending channel pattern.

To read Bitcoins [BTC] Price prediction 2024-25

If this happens, the leading cryptocurrency asset will change hands in the $57,000 price region.

However, if this bearish projection is invalidated as bullish activity gains momentum, BTC price could rise towards the pattern’s resistance line and attempt a crossover.

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