Experts reported Bitcoin's return to a key demand zone, despite the lack of confirmation of a sustainable upward trend. According to data, the 90-day delta of buying and selling pressure for Bitcoin has returned to positive territory after a sharp exit from negative values. This indicates that, in this interval, buyers are starting to prevail over sellers again, which may signal a potential recovery in demand. However, analysts warn that the current recovery in demand does not yet confirm the formation of a sustainable upward trend, and the assessment remains cautious.
According to information from Santiment, wallets holding between 10 BTC and 10,000 BTC have accumulated 41,025 BTC over the past 10 days, increasing their total balance to 13.64 million BTC. Wallets in this category account for 67.93% of the total Bitcoin supply. The increase in reserves among this group of holders is the highest since mid-August. Analysts note that historically, Bitcoin and the cryptocurrency market as a whole show better dynamics when large holders accumulate coins. At the same time, sales from such owners can increase pressure on the market, indicating potential risks.
The smallest wallets with balances of less than 0.01 BTC show virtually no activity. Santiment points out that a more favorable situation for the market would occur if retail investors began selling their assets amid continued accumulation by large holders. Analysts have observed that small traders tend to panic sell near more favorable buying levels, which also affects the overall situation. It is important to note that the current divergence does not guarantee price growth. Earlier, Wintermute predicted that the further dynamics of the cryptocurrency market would increasingly be determined by macroeconomic factors, such as oil prices and the situation in the Strait of Hormuz, adding an additional layer of complexity to analyzing the current state of the Bitcoin market.
Related articles
