Bitcoin (BTC) has been consolidating around the $42,500 mark as the holiday season ends and 2024 begins. Data shows that two whales have accumulated a significant amount of BTC as the price looks bullish.
Bitcoin is down by 0.5% in the past 24 hours and is trading at $42,450 at the time of writing. The asset’s market cap is still hovering above $831 billion with a daily trading volume of $27.7 billion.
On-chain data shows that two whales have accumulated a total of 19,349 BTC — worth more than $820 million at the current price point — over the past day. One whale transferred 9,723 BTC and the other one sent 9,624 coins from Coinbase to two newly created wallets.
According to data provided by the market intelligence platform Santiment, whale transactions consisting of at least $100,000 worth of BTC registered a 13.4% surge in the past 24 hours — rising from 6,559 to 7,438 unique transactions in a day.
Per a crypto.news report, Bitcoin whale transactions have consistently registered declines between Dec. 22 and 26. Moreover, the total number of Bitcoin addresses has been consistently rising since Nov. 28. Per Santiment, Bitcoin wallets just reached an all-time high of 52.44 million unique wallets in existence.
Following recent market conditions, Bitcoin might be on the verge of a new price hike. According to Santiment, Bitcoin’s Relative Strength Index (RSI) just dropped from 64 to 57 over the past 24 hours. A lower RSI suggests a better price surge potential.
For Bitcoin to gain bullish momentum, the RSI indicator should remain below the 60 mark.
