Bitcoin Surpasses $31,400, Rising Thanks to Momentum

Yuri Molchan

The world’s leading digital currency has finally surged above $31,000 as mega whales bought more BTC


Bitcoin gains strengthMega Whale Wallets BTC Balances Rise to ATH

Bitcoin managed to reverse its fall, surging above the $31,400 level after a bearish weekend, adding 5.1% to the USD exchange rate.

Ethereum and other top cryptos are following the king crypto to the north, with ETH up 5.2%.

Meanwhile, it has been noted that mega whale BTC balances hit their highest peak this year.

Bitcoin gains strength

Bloomberg has quoted: Fairlead Strategies co-founder Katie Stockton said in a written statement Friday that Bitcoin had managed to stabilize after the past few bearish weeks, thanks to its short-term momentum.


Image via CoinMarketCap

According to her, Tom DeMark’s TD Sequential model signaled a short-term counter-trend buy signal, which suggested a high probability of an oversold bounce for the flagship cryptocurrency.

Bitcoin has been hovering around the $30,000 zone for several weeks now, failing bearish expectations to dive deeper, unable to move up at the same time.

The BTC drop started when the Federal Reserve announced the historic rate hike and got stronger with the recent collapse of Terra’s LUNA and the UST algorithmic stablecoin.

Mega Whale Wallets BTC Balances Rise to ATH

Meanwhile, the buying activity of large Bitcoin wallets, some of which are located on exchanges, has increased significantly.

Santiment shared that mega-whale addresses with between 100+ and 10,000+ Bitcoins have surged this year and now have their largest supply of BTC in 2022.

All in all, according to the chart posted, these wallets now hold nearly 12% of the total Bitcoin supply. Over the past 20 weeks, these whales have increased their BTC stash by 12.8%.

Leave a Reply

Your email address will not be published.