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bitcoin is now trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This interesting rise has seen bitcoin rise nearly 23% from a September low of $53,400 on September 6, pushing many holders toward profitability.
According to Santiment, this price action has been primarily driven by increased whale and shark activity, and the on-chain analytics platform has noted a huge accumulation trend among them.
Sharks and whales continue to accumulate btc
Recent changes in market dynamics around the world have propelled bitcoin back to the forefront of investor portfolios since mid-September. Accordingx.com/santimentfeed/status/1839320661132751234″ rel=”nofollow”> Santiment data, bitcoin's bullish price movement has been largely supported by further accumulation by investors. The on-chain analytics platform revealed that many wallets with ten or more btc have been steadily accumulating additional bitcoin over the past six months. This consistent buying behavior has played a pivotal role in stabilizing and propping up the price, especially during market corrections when bitcoin has faced downward pressure.
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Notably, these addresses have accumulated $4.08 billion worth of btc over the past six months, and their collective holdings currently stand at 16.19 million. Santiment data also shows that this accumulation trend gained significant momentum starting in mid-September, just after the Federal Reserve reduced the base interest rate, indicating a renewed wave of confidence among these bitcoin investors.
Current status of bitcoin
As NewsBTC noted, September has It has always been a crucial month for the performance of the bitcoin price in the last quarter of the year. Curiously, what It seemed to be a bearish month for bitcoin in the first two weeks bitcoin-forms-inverse-head-and-shoulders-pattern/” rel=”nofollow”>has already been played as a precursor to a possible increase in the last quarter of 2024.
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At the time of writing, bitcoin is trading at $65,470 and is up 2.6% in the last 24 hours. Institutional investors have resumed their investments in bitcoin since the beginning of the week. This has been witnessed by bitcoin spot funds. consecutive days of entries since the beginning of the week. Notably, they received $365.7 million in net inflows in the last 24 hours.
bitcoin has also seen a notable increase in open interest as investors pile in. According to Coinglass, bitcoin open interest now stands at $35.9 billion across multiple exchanges, reflecting a 3.53% increase over the past 24 hours. As bitcoin price continues to attract the attention of traders around the world, the increase in open interest could act as a catalyst for further price increases.
Next up for bitcoin price is a bullish break above the July high of $70,162. Breaking through this level and maintaining momentum could open the stage for bitcoin easily reaches new all-time highs in October.
Featured image created with Dall.E, chart from Tradingview.com
