In the most recent on-chain disclosure, Bitcoin’s network experienced a gradual decline in transactions of high value over the past couple weeks. The price of Bitcoin, the leading cryptocurrency, has also been affected by this sluggishness. It has had a difficult time breaking out of its consolidation during the entire month of April.
This week’s news is a reflection of the last Bitcoin price struggled to hold Above $67,000, despite multiple touches. Since then, BTC’s price has been on a decline and it is down more than 2% over the last 7 days according to CoinGecko.
The recent data on the chain suggests this unimpressive price performance could persist for the leader of the market unless there’s a change, particularly in terms network activity.
What is the price of BTC if whale activity pushes it beyond $73,000?
Prominent crypto analyst Ali Martinez took to the X platform The Bitcoin whales’ activity has declined steadily over the last 6 weeks. The Whale Transaction Count metric of Santiment, which counts BTC transactions over $100,000 or $1,000,000 is used to make this revelation.
Whales are entities or individuals who belong to the genus Cetacea. own In this instance, Bitcoin) in large amounts. They have a significant impact on the market due to their ability to make large-scale transactions that can lead to speculation or price changes.
Martinez noted in his blog that there had been a notable decline in Bitcoin whale activity Since March 14, when the leading cryptocurrency reached a new high of $73,737. Bitcoin has recently underperformed, and this is reflected in the drop of activity.
The crypto analyst stated that a rise in the number of high-valued transactions would be able to boost the BTC price. It is believed that increased network activity would indicate high demand, which could lead to higher Bitcoin prices.
The chart shows that the highest peak in whale transactions correlates to the record high price for BTC.
Source: Ali_charts/X
Santiment: Bitcoin wallets are on the rise.
This is an interesting article on-chain data This could indicate that Bitcoin is in high demand and its future price will be bullish. Santiment says that despite the current turbulence in the markets, there is a rapid increase in the number active Bitcoin wallets.
📊 Total amount of empty containers #Bitcoin The wallets of consumers are growing rapidly despite fluctuating prices. #Altcoin Assets like wallets #Dogecoin The price of oil has flattened out after a massive rise in earlier this year. #Cardano Is one of only a few networks where active wallets have dropped. https://t.co/itg9qMes7c pic.twitter.com/yrOlEQw3jy
— Santiment (@santimentfeed) April 27, 2024
Active Bitcoin addresses refers to all unique Bitcoin addresses. The Santiment data indicates that there are a large number of active Bitcoin wallets. “non-empty BTC wallets” In the past three months, it has increased by over 2.5%.
This is the current date. Bitcoin trades The price of the car is just over $64,000. That’s a rise of about 1.6% from yesterday.
BTC Price Breaks Above $64,000 On The Daily Timeframe | Source: BTCUSDT chart on TradingView
Chart from TradingView, image from Unsplash
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