The behavior of whales who have been accumulating popular meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) for some time seems to have changed. According to the data, whales have been aggressively accumulating BTC and LINK since the beginning of 2023. Meanwhile, LINK’s price has been trading in a sideways range for the past 24 hours. Bitcoin, on the other hand, continues to move. Here are the details…
Data points to LINK and BTC, not DOGE
Recent data from CryptoQuant and Santiment shows that whales are accumulating Chainlink (LINK) and Bitcoin (BTC). CryptoQuant tweeted yesterday that whales are accumulating LINK. Meanwhile, data shows that LINK price has risen 2.6 percent in the last 24 hours. As a result, LINK is currently trading at $7.19. Meanwhile, CryptoBusy tweeted yesterday that “whales have been aggressively buying more Bitcoin since early 2023.” The tweet had a snapshot of the data from Santiment.
The snapshot of Santiment data shows that the price of BTC has reached a 5-month high as whales aggressively accumulate Bitcoin, the leader of the crypto market since the beginning of this year. The snapshot also shows that whales holding between 1,000-10,000 BTC left their BTC holdings between February and December 2022.
What to expect in Bitcoin price?
Meanwhile, BTC price is currently trading near the $23,600 daily resistance level after successfully turning the $21,550 resistance level to support, according to analyst Steven Walgenbach. The daily technical indicators for BTC are still bullish as the 9-day EMA is still positioned above the 20-day EMA. In addition, there is a sleeping positive slope on the two EMA lines, and the 9-day EMA is bullishly separated from the 20-day EMA.
The daily RSI indicator is also bullish as the daily RSI line is positioned above the daily RSI SMA line. The daily RSI line is also slightly positive sloping towards the overbought zone. According to analysts, if the price of BTC rises above the current resistance level of $23,600 and turns it into support, the next target will be $25,150. On the other hand, if the price of BTC breaks below the $22,680 mini support, it will continue to decline until it reaches the next major support at $21,550.
Currently, Bitcoin has lost the $23,000 level that it managed to surpass yesterday. The largest cryptocurrency is changing hands at $22,841 with a 1.4 percent drop in the last 24 hours, according to Kriptokoin.com data. In general, the cryptocurrency market maintains its positive stance.
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