Accumulating a 30% increase since the beginning of the year, Bitcoin continues to encourage investors and reached a price of 22 thousand dollars this Friday afternoon (20), with an appreciation of 3.37% in the last 24 hours. Regarding the Brazilian market, the digital currency is already traded in the range of R$ 115,548.00, according to data from Mercado Cripto, a tool that tracks the prices of the main cryptocurrencies in brokerages that work with Real. Bitcoin price had reached $21,000 last weekend, when it retreated to $20,000. However, the bulls seem to have beaten the resistance and managed to push the price above $22K this Friday, a value not seen since the FTX meltdown.
Bitcoin 115 thousand 20 01 2023
Will Bitcoin continue to rise?
While many experts are trying to predict whether Bitcoin will continue to rise, an analysis by Santiment declared “a definitive explanation” as to why the price of Bitcoin has jumped recently. The on-chain data analytics firm has shared a graph showing that systematic Bitcoin purchases over the past two months took place shortly before the price dropped below the $17,000 level, assuming that these purchases made a large contribution to these increases. of prices. According to the chart, first, sharks that bought Bitcoin (wallets with 10 to 100 BTC) prevented its drop below the $16,700 level. In the last 10 weeks, according to Santiment, owners of these wallets have purchased around 105,600 bitcoins. Then the small whales (wallets with 100 to 1,000 bitcoins) did their shopping, accumulating 67 thousand bitcoins in the last eight weeks. This spurred Bitcoin’s recovery to the $18,000 level, the company said. Finally, the big whales arrived (they have between 1,000 and 10,000 bitcoins), and together they acquired 37,100 bitcoins in the last 10 days. The chart shows that this purchase pushed Bitcoin to the $21,000 level.
📈 A definitive explanation on why #crypto prices have bounced: 🦈10-100 $BTC wallets added 105,600 #Bitcoin in past 10 weeks
🐋100-1,000 $BTC wallets added 67,000 #Bitcoin in past 8 weeks
🐳1,000-10,000 $BTC wallets added 37,100 #Bitcoin in past 10 dayshttps://t.co/sGLqJLxGVD pic.twitter.com/kpQimOXmeO
—Santiment (@santimentfeed) January 14, 2023
bull market
After a strong week for bitcoin and many other cryptocurrencies, traders are now watching for indicators of what could trigger the next bull run. After suffering losses for most of 2022, bitcoin and other cryptocurrencies are on the rise in 2023, leading to predictions that the so-called winter of cryptocurrencies is behind us. As bitcoin rises, major cryptocurrencies follow the upward movement, with Ethereum appreciating 1.33% in the last 24 hours and being quoted at $ 1,600. Dogecoin gained 3.44% on Friday and led the way among the top 10 cryptocurrencies. The memecoin also saw a 13% weekly gain. The Shiba Inu (SHIB) token is up 17.88% to $0.00001235, up 37.27% for the week.