Bitcoin is maintaining its position above $66.1K, according to recent data from Santiment, a market intelligence platform specializing in on-chain and social metrics for cryptocurrencies. This price point persists even as small traders continue to liquidate their holdings, a trend that has been evident over the past week.
Historically, Bitcoin’s movement from small wallets to larger ones has been interpreted as a bullish signal. This pattern suggests confidence among more substantial investors, which often precedes positive price movements. Consequently, the current behavior of small traders could indicate a favorable outlook for Bitcoin.
In addition to this trend, the number of non-empty Bitcoin wallets has been declining at an unprecedented rate since the week leading up to the all-time high on March 14. This reduction in active wallets further highlights the shift in holdings from smaller investors to larger ones.
Over the past week, wallets holding less than 0.1 BTC have collectively reduced their holdings by 0.46%. This decrease is significant and aligns with the broader trend of small traders liquidating their positions.
Moreover, the consistent behavior of these small wallets could provide additional insights into market sentiment. As these traders exit, larger wallets are likely accumulating, potentially setting the stage for future price increases.
Despite the ongoing liquidations by small traders, Bitcoin’s stability above $66.1K suggests strong underlying support. This price resilience amidst the selling pressure further underscores the bullish implications of the current market dynamics. While small traders liquidate, the consistent accumulation by larger wallets signals a potential bullish trend for Bitcoin.
As of press time, Bitcoin is exchanging hands at 66,843 with a mere increase of 0.73% in the past 24 hours. Over the past week, BTC has been exhibiting a bullish trend, surging by over 10%. The market capitalization has climbed back above the $1.30 trillion mark, while the trading volume has seen a significant increase of more than 30% with a value of $21 billion.
