Bitcoin Price Shows Slight Reversal, Whale Activity at 15-Month High
Bitcoin (BTC), the world’s largest cryptocurrency, which experienced significant selling pressure at the beginning of the month, made a modest recovery on Friday, January 19. At the time of writing, Bitcoin price is trading at $41,500 with a market value of $803 billion.
Bitcoin Sees Bullish Divergence on RSI
In a recent update, on-chain data provider Santiment offers encouraging news to investors amid challenging market conditions. Facing the possibility of falling below the $40,000 level, Bitcoin quickly recovered and retook the $42,000 threshold, up an impressive +3.2% in the last three hours.
Kindness: centimeter
The reversal came as Santiment highlighted the emergence of bullish signals in key metrics such as the Relative Strength Index (RSI) and the 30-Day Market Value to Realized Value (MVRV). While concerns are growing among investors, these positive indicators point to a potential shift in market sentiment and a renewed sense of optimism for Bitcoin.
However, BTC price could not stay above $42,000 due to the profit taking on Friday.
According to data from leading blockchain analysis firm Glassnode, a significant influx of older coins re-entering liquid circulation has triggered the most significant profit-taking event since the all-time high (ATH) in November 2021.
The peak of Realized Profit in this current cycle occurred on January 4, which was a notable turning point. On this day, a staggering amount of profits were made, over $1.3 billion per day, as cryptocurrencies changed hands at high cost bases. The observation suggests a significant movement of long-held cryptocurrencies, contributing to a notable shift in the profit landscape in the crypto market.
Kindness: glass knot
BTC Whale Activity on the Rise
In an important development, crypto analyst Ali Martinez highlights There is a significant increase in Bitcoin whales today. The number of addresses holding over 1,000 BTC reached its highest level since August 2022, reaching a total of 1,510.
This increase in the number of large Bitcoin holders raises intriguing possibilities, suggesting potential indicators of strong market confidence or strategic positioning among major players in the cryptocurrency landscape.
However, there are enough possibilities for Bitcoin price to drop to $34,000 before resuming the next bull run.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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