Bitcoin’s price jumped by 6.87% in the past week, surpassing the $62,000 level on Sept. 18. This surge has caught the attention of market watchers, especially as large investors are showing renewed interest. Ki Young Ju, founder of CryptoQuant, shared insights into these movements, pointing to an uptick in Bitcoin whale accumulation as a key factor.
Bitcoin Whale Activity Points to Long-Term Optimism
Ki Young Ju highlighted a surge in Bitcoin flowing into custody wallets, which institutions typically use for secure, long-term storage. These wallets saw an uptick in inflows, suggesting that large players are positioning themselves for what they believe could be another major price move.
The accumulation trend aligns with the market’s recent upward momentum, fueling speculation that these whales expect Bitcoin’s price to rise further.
Ki Young Ju shares Bitcoin accumulation insights on X
Ju’s analysis underscores that institutional investors remain confident in Bitcoin’s future despite the market’s volatility since March 2024. Bitcoin’s price has climbed from $58,909 at the beginning of the month to $59,530.
While it briefly dipped to $53,940 on Sept. 6, strong buying pressure from whales and institutions helped push the price back up, reinforcing the market’s bullish outlook.
Dormant Wallets Reactivate, Adding Pressure
Recently, 203 BTC, valued at $12.18 million, moved from dormant wallets to Binance. These wallets, inactive for over a year, originally purchased the Bitcoin between March and Aug. 2023, resulting in a $6.89 million profit from the sale.
Large transfers like this to exchanges usually signal selling, which can stir up market volatility as traders respond to the increased supply.
In addition, crypto asset management firm Ceffu also transferred a substantial amount of Bitcoin and Ethereum into Binance, raising speculation about potential selling pressure from long-term holders.
A dormant whale address was activated after a decade. Source: Whale Alert.
In another instance, Whale Alert reported the reactivation of a wallet that had been dormant for over 10 years. The wallet contained 146 BTC, which is now valued at $8.09 million. In 2013, these coins were worth just $80,257, marking a staggering 9,985% increase.
With institutional investors actively involved and dormant wallets returning to life, the market is watching closely to see if Bitcoin can sustain its upward momentum.
BTC Primed for Big Moves as Technicals Turn Bullish, Analyst Says
Bitcoin (BTC) price’s recent rise to $62,229.50 shows strong potential for further gains, supported by technical indicators and institutional interest. The imminent crossover of the 50-day and 200-day Exponential Moving Averages (EMAs) points to a continued bullish trend.
BTC/USD price chart. Source: TradingView
Moreover, the Relative Strength Index (RSI), currently at 46.79, remains below the overbought threshold, suggesting ample room for the price to rise without the market becoming overextended.
Bitcoin’s price stabilizing above the key 0.5 Fibonacci retracement level at $57,688.42 provides robust support, enhancing the bullish outlook. A sustained move above this level could see Bitcoin targeting the 1.618 Fibonacci extension at $63,998.99,.
According to cryptocurrency analyst Rekt Capital, Bitcoin’s closing above critical support last week fortifies its foundation for potential gains. Bitcoin’s market dominance, now at levels not seen in five years, underscores increasing investor interest, outpacing altcoins.
BTC/USD 1-week price chart. Source: Rekt Capital/X
Rekt Capital sees more growth potential for Bitcoin in the current rally. He points to the Pi Cycle Top indicator, which suggests that Bitcoin’s peak might still be a year away, leaving room for further gains before it hits its highest point.
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