New data from the on-chain market intelligence company Glassnode indicates an increasing number of Bitcoin whales are hoarding BTC.
According to Glassnode, the number of Bitcoin addresses holding more than 1,000 BTC, worth over $8 million at time of writing, just hit a peak of about 2,075.
The number of whales holding Bitcoin initially dipped after BTC hit its all-time high of about $20,000 in late 2017, and began shooting upwards in the second half of 2019.
The price of BTC and the overall crypto market is now in the red.
After retesting support at around $8,700, the king of crypto is now down 2.84% at $8,349, according to CoinMarketCap.
A crypto analyst known in the industry as Cred tells his 141,000 followers on Twitter that he believes BTC is likely to continue to dip if it can’t hold above $8,430.
“Spike and rejection at the top of the range (with a retest of the HTF level at $8740-50). As a result, price failed to find support at the flip of the level that was holding the range high intact ($8430s).
Intraday bias to downside while price stays below $8430s-$8500.”
