Bitcoin (BTC) value carefully adopted Asia’s Nikkei 225 in a bullish restoration on Tuesday. The flagship coin pumped over 3 p.c previously 24 hours to commerce about $60.5k on Tuesday throughout the early Asian session. Because of this, virtually the complete crypto trade adopted the identical path, led by Binance Coin (BNB), Ripple-backed XRP, and Tron (TRX).
The notable Bitcoin value restoration previously 24 hours decreased the concern of additional capitulation as extra consumers doubled their investments. Bitcoin’s concern and greed index elevated from 28 p.c to 30 p.c, denoting decreased concern of additional crypto capitulation.
Bitcoin Whales Will increase Urge for food
🐳 Bitcoin’s whales, particularly wallets that maintain between 100-1K BTC, have accrued 94.7K extra cash within the final 6 weeks. As value uncertainty has shaken many merchants out of crypto, key stakeholders are loading up. pic.twitter.com/hrhlVrNqNU
— Santiment (@santimentfeed) August 19, 2024
In response to on-chain information evaluation from Santiment, Bitcoin addresses holding between 100 and 1k BTCs added round 94.7k cash previously six weeks. At the moment, this group of Bitcoin. Whales maintain a complete of about 3.97 million BTC models.
Among the many Bitcoin whales on this class is Japanese publicly traded firm Metaplanet Inc., which bought an extra 57.273 BTCs value roughly $3.4 million. Because of this, Metaolanet now holds a complete of about 360.368 BTCs.
A whale accrued 347 $WBTC($16M) once more 7 hours in the past!
Over the previous week, this whale has accrued a complete of 1,953 $WBTC($118M) from #Binance at a mean value of $58,853.https://t.co/XlRBgyL4Tt pic.twitter.com/g1KRtkK5eY
— Lookonchain (@lookonchain) August 20, 2024
One other completely different whale bought a complete of 347 Bitcoins, value over $16 million, from Binance previously 24 hours. In the meantime, the US spot Bitcoin ETFs registered a web money influx of about 2,139 cash, value round $125 million on Monday, led by Constancy’s FBTC.
What Subsequent?
I nonetheless assume #BTC dominance will go increased from right here.
ALT/BTC pairs are nonetheless above the decrease a part of their vary and will a minimum of fall to these ranges IMHO. pic.twitter.com/raxNnNqA8Y
— Benjamin Cowen (@intocryptoverse) August 19, 2024
In response to a good crypto analyst, Benjamin Cowen, Bitcoin will proceed to achieve towards the altcoin trade within the close to time period. The crypto analyst anticipates a continued rise in Bitcoin’s dominance in the direction of 60 p.c.
From a technical standpoint, Bitcoin value is just not but out of the woods after right now’s bullish pump. The flagship coin should persistently shut above the 50 and 200 Transferring Averages (MAs) to keep up bullish momentum.
In any other case, the Bitcoin value may retract under $60k once more earlier than rebounding in the direction of its all-time excessive.