20 Mar 2023 Samantha McLauren
Bitcoin Skyrockets Past $28,000 Amid Altcoin Whale Accumulation
With a 41% spike in the first three weeks of the year, Bitcoin had a great start to the year. But, it later encountered a Fair Value Gap (FVG) and returned to equilibrium. Because of this, buyers were able to intervene and drive Bitcoin to a nine-month high of $27,763.
Analysts anticipate that the crypto leader will increase to $29,000 due to Bitcoin's strong pace.
Ultimately, a battle of wills between bulls and bears would affect how much Bitcoin's price moves, causing periods of sideways movement and pullbacks to rebalance.
Investors should distinguish between bearish indicators from momentum indicators, which may portend a future correction, even though the current position of BTC shows a potential extension of the rise.
“Just like previously asked on #Bitcoin, we got the answer now as well. Are we staying above $26,800? The answer is clear; yes. This means the trend will continue to last until $26,800 is lost. Looking for a final sweep into $28,300-28,900 and then a reversal.” Michael van den Poppe, founder, and CEO of trading firm Eight noted.
Meanwhile, stablecoin platforms saw a knock-on impact from the failure of traditional financing banks, leading to early selling pressure. Bitcoin, which is considerably more stable than stablecoins, may have attracted investors' renewed trust.
If BTC is able to maintain above the $27,000 support level, the sell-side inefficiency may present a buying opportunity, with the upper limit of $28,500 to $29,000 being the next objective and $30,000 as the next target.
Whales wake up in altcoin territory
The price of Ethereum (ETH) increased significantly on March 18 after breaking above the $1,800 mark. Recent market data, however, indicates that a sizable amount of ETH was moved to the Binance exchange at 1:30 AM ET, raising questions about a potential sale. The biggest altcoin by market cap lost some of its value as a result of the move.
A total of 18,657 ETH tokens—or roughly $33,130,424 at the current exchange rate—were transferred in a single transaction, causing the price of Ethereum (ETH) to plummet. The whale was only charged a $1 transaction fee on the Ethereum blockchain, and the transaction was tracked back to an unidentified but wealthy wallet. When such a sizable amount of altcoins are sent to an exchange, it often indicates a potential sale, which pushes prices down.
The action has caused Ethereum's price to pause, falling 2.53% from the $1,807 recorded earlier and currently sits at $1,763 as of press time. The dip occurs while an industry-wide market FUD is still standing strong. Akash Girimath, a well-known cryptocurrency expert, made a prediction that the current optimistic thesis for ETH will only be disproved after the price breaks below the $1,636 mark.
The 50, 200, and 100-day Exponential Moving Averages (EMAs), which are at $1,588, $1,553, and $1,529, respectively, might no longer provide support for the price of Ethereum if it moves below the aforementioned invalidation level.
Before purchasers try a rebound, the Ethereum price in severe circumstances can fall to the psychological level of $1,500.
XRP whales also wake up from their hibernation
Over 50 whale addresses holding between 10 million and 100 million XRP have been added to the Ripple network in the last month, which means investors are pouring money into XRP, Ripple's native asset.
Popular cryptocurrency analyst Ali recently brought the bullish trend to the public's notice using data from the market intelligence tool Santiment.
It turns out that between February 21 and February 23, the XRP network saw a significant increase in the number of whale addresses holding between 10 million and 100 million XRP. These whale addresses were slightly more than 116 in number as of February 16 prior to this dramatic surge. Yet, after the quick increase, they increased to a peak of 176 before seeing a minor decline.
XRP Price Movement
XRP has managed to post gains over the previous week, increasing by 4%, while behind other assets in the most recent market-wide surge. Over the weekend, the asset used the upswing to retake the $0.3950 milestone, although it was severely pummeled below the area.
XRP is now trading at $0.3830, up 0.15% over the past 24 hours. On Sunday, Ripple’s market cap towered above $20 billion, but as of right now, it is $19.52 billion, falling short of the milestone.
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