Bitcoin has rebounded to $96,000, with on-chain data suggesting a potential rise to $100,000. Despite macroeconomic volatility, including a slight increase in U.S. inflation, Bitcoin has shown resilience, diverging from traditional stock markets. The cryptocurrency's recent price action indicates a possible local bottom at $90,000, supported by strategic investor activity and accumulation. However, breaking the $99,000 resistance will require both micro and macroeconomic support, with on-chain data and broader trends playing crucial roles in determining Bitcoin's next move.
Dogecoin whales have significantly increased their holdings by purchasing 700 million DOGE (worth approximately $113 million) over the past three days, despite a slight decline in the cryptocurrency's price. This accumulation has raised their control to about 21.4% of the total circulating supply, indicating a potentially bullish outlook. In contrast, Shiba Inu has seen large deposits to centralized exchanges, suggesting possible selling activity.
Shiba Inu (SHIB) is entering a new weekly market cycle, showing consistent volume patterns with spikes at the beginning of each week. Currently trading at $0.00002446, SHIB remains above the 50-day Exponential Moving Average, indicating bullish sentiment. On-chain data reveals that 60% of holders are in profit, and 73% of SHIB tokens are held by large whales, suggesting they may influence price movements. The general market sentiment for SHIB is positive, supported by on-chain and exchange indicators.
Bitcoin's price has experienced a 5% drop in the last 24 hours, trading at $41,645, indicating a healthy correction. On-chain data and technical indicators suggest that Bitcoin still exhibits strength, with bulls aiming to push the price above $44,000. However, data analysis firms have highlighted exhaustion among bulls, indicating the need for a correction or slowdown. Bitcoin faces strong resistance at the $44,000 level, with on-chain data showing a significant number of sellers in that range. Despite the correction, Bitcoin's exchange outflows are increasing, suggesting a bullish sentiment among investors. Technical indicators and moving averages support the continuation of the upward trend, with buyers targeting a break above $44,000 and a potential rise to $50,000 in the near future.
Bitcoin bulls are pushing for a launchpad zone at $32.5K as the cryptocurrency's price attempts to solidify overnight gains. Market participants are optimistic about Bitcoin's bullish potential across various time frames, with expectations of rapid gains once BTC/USD surpasses $32,500. However, some analysts predict lower levels to reappear in the second half of 2023 after a midterm top. On-chain data reveals ongoing accumulation among smaller entities, with wallets holding less than 1 BTC increasing their holdings by over 33,000 BTC per month.
An Ethereum whale nicknamed "BlackRock Fund" made over 10x in gains on Pepecoin (PEPE), flipping $244,000 into over $2.63 million trading PEPE. The mysterious entity has withdrawn most of its PEPE bag from Binance, for reasons unknown. Another trader on the Ethereum network made big gains on PEPE, and then reinvested them back into PEPE on its current price dip. At time of writing, PEPE is trading at $0.00000156, down nearly 8% in the last 24 hours.
Santiment, a crypto analytics firm, has stated that on-chain data is indicating renewed bull runs for Bitcoin and Ethereum. The firm's data shows that both cryptocurrencies are seeing historically low supply on exchanges, with more of their supplies being moved into self-custody wallets. Santiment is also paying attention to low and mid-cap altcoins, such as Metal and Power Ledger, which saw heavy whale and shark activity last week. Previously, Glassnode, another crypto insights firm, concluded that BTC is well into its bear market recovery phase.
On-chain data from Santiment shows that the ratio of daily on-chain transaction volume in profit to loss for Bitcoin has spiked to its highest level since December 2020, indicating that profit-taking volume is around 2.4 times more than loss-taking volume. This surge in profit-taking occurred after Bitcoin briefly broke above the $27,000 level. Ethereum's profit-taking volume has also risen significantly in recent days, but it is only observing the highest value of the indicator since the middle of 2023.
