Glassnode: Whales have Resumed Accumulation of Bitcoin
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A new on-chain analysis from Glassnode shows that Bitcoin (BTC) wallets with 100 to 1000 coins have acquiring BTC coins. The Glassnode data on Bitcoin was published on Twitter by Lex Moskovski, the CIO of Moskovski Capital. According to the data, this is a new development since the BTC sell-off in April.
Moskovski asserted that Bitcoin wallets with 100 to 1000 BTC are likely owned by financial institutions that utilize specific protocols to store funds on custodial platforms like BitGo and Coinbase. The CIO added that the resumption of BTC accumulation by whales is, undoubtedly, a bullish indicator for the benchmark cryptocurrency.
Meanwhile, other large-cap cryptocurrencies like Ethereum, Dogecoin, Cardano, Bitcoin Cash, and Litecoin have traded with significant bullish momentum over the past week.
On Friday, Glassnode revealed that over $680 million worth of BTC was taken off Coinbase within an hour. The analytics platform also asserted that the transactions were made by institutional players who are likely moving their Bitcoin stash into cold storage.
In another chart, Glassnode reported that the number of active Bitcoin addresses has grown to a three-month high of 65,659.
Key BTC Levels to Watch — May 9
Following a bullish weekend, Bitcoin appears to be in a major correction from the $59,500 resistance. The primary cryptocurrency found strong support around the $56,300 level, which has shot the price back to the $57k region.
That said, we expect a mild consolidation below the $58k pivot level over the coming hours, followed by a climb above the ascending tripwire, as the broader market mood regains bullish momentum.
Meanwhile, our resistance levels are at $58,000, $59,000, and $59,500, and our key support levels are at $57,000, $56,700, and $55,700.
Total Market Capitalization: $2.43 trillion
Bitcoin Market Capitalization: $1.08 trillion
Bitcoin Dominance: 44.4%
Market Rank: #1
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