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.
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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.”
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