The price of Bitcoin has been on a tear so far in October, and used this month’s haus -like history. While the main Cryptocurrency seems to have slowed down – which has the entire market – over the weekend there is even greater optimism that the coin’s price is intended to reach new heights This month. According to the latest information on the chain, relevant market players called Vallar appear to change their strategy, which may further benefit BTC’s prize in the coming weeks.
Will BTC whales behind ‘Uptobo’?
Analyst at the chain Burak Kesmeci took to the social media platform X to reveal A shift in the behavior of Bitcoin whales since the beginning of October. According to Crypto Pundit, the major holders, who were partly responsible for the weak performance in September, return to the largest Cryptocurrency market.
The relevant indicators here are the total electoral holders and the month’s % change, which tracks the total number of coins held by BTC whales and how much it changes for 30 days. This metric provides insight into the choice of whales, which are often regarded as the most influential participants in the market.
Source: @burak_kesmeci on X
As observed in the diagram above, the total election holdings witnessed a remarkable decline in September, with the 30-day % change that spent most of the month in the negative territory. Kesmeci noted that this trend signaled the increased sales activity for major investors over the past month.
The analyst on the chain mentioned that this Selling wave puts downward pressure At the price of bitcoin, as it struggled to mount all significant rally in September. However, Kesmeci made it clear that the BTC whales seem to take the foot from the gas, which reduced their sales activity in recent days.
As can be seen from the price of Bitcoin in early October, there seems to be a significant reduction in the downward pressure generated by the whales. Kesmeci concluded that this can also mean a return to the accumulation phase for these market players, which can mean an upward trend for the Bitcoin price in the short term.
Bitcoin price
From this writing, BTC is valued at approximately $ 122 345, which reflects no significant price movement over the past 24 hours. While the flagship Cryptocurrency apparently has subsided over the past day, it still has an impressive record on the weekly framework framework. According to data from Coytecko, the price of bitcoin has increased by almost 12% over the past seven days.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Image from Unsplash, charts from TradingView
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