© Reuters. Crypto Whales and Sharks Not Responsible for Rough Week
- Santiment tweeted that whales and sharks had no part in the recent market turbulence.
- The tweet added that large crypto addresses bought $821.5 million worth of BTC in the last week.
- BTC has risen more than 3% in the last 24 hours.
The blockchain analytics firm Santiment (@santimentfeed) published a tweet this morning suggesting that whales and sharks had no part in the turbulent week the crypto market just went through. According to the tweet, addresses with 10-10k BTC collectively acquired $821.5 million during this mid-sized crash.
CoinMarketCap indicates that BTC’s price has gone up more than 3% in the last 24 hours. Despite this, the market leader’s weekly performance is still in the red at -8.06%. At the time of writing, the BTC price stands at $20,568.31.
The daily trading volume for BTC has also risen by 9.18% in the last 24 hours and is currently at $39,550,890,661.
Daily chart for BTC/USDT (Source: TradingView)
As can be seen in the daily chart for BTC/USDT, the price of BTC is still trading below the 9-day and 20-day EMA lines after dropping beneath the two EMA lines on 3 March, 2023. After going below the 2 EMA lines, BTC’s price attempted a comeback to the 9-day EMA line, but the move was halted.
This caused BTC’s cost to go down to the key $21,600 level and then the next key support level at $19,800. Fortunately, the downward motion formed a high shortly after it broke the $19,800 level yesterday – reaching a bottom of $19,549.09.
BTC’s price then managed to close yesterday’s trading session above the level at $20,150.69. A large number of buy volume that entered the market today was able to take BTC’s price to a daily peak of $20,686.51. After reaching today’s high, BTC’s price has gone down to its current level.
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