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Bitcoin Whales: What Are They Doing As BTC Tries To Hold Above $ 50K In September?

Bitcoin started this week with an attempt to break above $ 50K. In that sense, we wanted to analyze the activity of the Bitcoin whales in the first week of September and the influence they may have had on the performance of BTC.

Bitcoin’s price range has hovered between $ 49,516 and $ 51,832 in the last 24 hours, according to CoinDesk. Meanwhile, Bitcoin whales maintain trends that we want to show you, especially when it comes to accumulation and movement between unknown wallets. In this scenario where Bitcoin tries to overcome its resistance level, we can speculate on what the whales could do next with their tokens and for this, we analyze their activity in the first week of September.

Summary chart of Bitcoin whale activity in the first week of September 2021. Source: Whale Alert
Summary chart of Bitcoin whale activity in the first week of September 2021. Source: Whale Alert

Notable activity of the Bitcoin whales in this beginning of September

The first thing to highlight is that in the last week, the whales mobilized a total of 269,972 BTC through 80 operations. The predominant trend in terms of BTC mobilized was the transfer between unknown wallets. This is because 208,118 BTC went from unknown wallets to others. The above is equal to 77.09% of the weekly total.

The second most marked trend so far has been accumulation, with a total of 32,105 BTC transferred through five trades. The latter is equal to 11.89% of the total accounted for. Likewise, the introduction of liquidity to the market was evidenced with 18,131 BTC transferred from unknown wallets to exchanges (6.72% of the weekly total).

Finally, we found that transferring between exchanges was also present, but in a less obvious way. Specifically, Bitcoin whales transferred 11,618 BTC from one exchange to another (4.30% of the total).

Bitcoin performance

Cryptocurrency markets were driven by a new bullish wave that occurred last Friday. In that time, BTC rose for the fourth day in a row to hit a three-and-a-half-month high above $ 50,000. At press time, it is still even pro above $ 51K.

In that regard, Bitcoin appeared to get a new boost from a report on Friday showing lackluster job growth in the United States for the month of August. The report fueled speculation that weak economic data could lead the Federal Reserve to maintain its $ 120 billion-a-month bond purchase program for longer than anticipated.

Short-term forecasts suggest that a break to the upside would allow it to hit $ 55,000 as momentum improves. The lowest support is at the 200-day moving average, around $ 46,000.

This is why the Bitcoin whales could be oriented to accumulation and movements between unknown wallets, if they continue like this, and the market becomes optimistic due to this rise sustained for several days, the break of US $ 55K could occur.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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