BTC Whale and Sharks Not to Blame for the Turbulent Week

The blockchain analytics firm, Santiment (@santimentfeed), tweeted this morning that crypto Bitcoin (BTC) sharks and whales are not to blame for the rough week that the crypto market experienced. According to the tweet, addresses holding 10 to 10k BTC have collectively accumulated $821.5 million back during this mid-sized crash.

CoinMarketCap shows that BTC’s price has risen more than 3% over the last 24 hours. Despite the 24-hour increase in BTC’s price, the market leader’s weekly performance remains in the red at -8.06%. At press time, BTC’s price stands at $20,568.31.

The daily trading volume for BTC has also risen 9.18% over the last 24 hours, and currently stands at $39,550,890,661.

Daily chart for BTC/USDT (Source: TradingView)

Looking at the daily chart for BTC/USDT, the price of BTC continues to trade below the 9-day and 20-day EMA lines after dropping below the two EMA lines on 3 March, 2023. After dropping below the 2 EMA lines, BTC’s price attempted a recovery to the 9-day EMA line but the move was stopped in its tracks.

This caused BTC’s price to drop below the key $21,600 level towards the next key support level at $19,800. Fortunately, the downward move formed a peak shortly after it broke the $19,800 level yesterday – reaching a low of $19,549.09.

BTC’s price was then able to close yesterday’s trading session back above the level at $20,150.69. A good amount of buy volume which entered the market today was able to push BTC’s price to a daily high of $20,686.51. Since reaching today’s high, BTC’s price has retraced to its current level.

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