Bitcoin Price Recovers Above $30,000

Bitcoin Price Recovers Above $30,000

Bitcoin, the world's largest cryptocurrency, recovers its price above $30,000, trading 2.56% up at $30,234 with a market cap of $585 billion. Bitcoin's price continues to oscillate between the support and resistance range of $29,500 and $32,500, respectively. Amid the current price action, both BTC shrimps (investor cohort holding less than 1 BTC) and BTC whales (addresses holding between 100-1k BTC) have been accumulating at different price levels.

BTC Shrimps and Retail Participants Accelerate Their Absorption

According to Glassnode, Bitcoin shrimps have registered significant growth in their on-chain balances, with a clear shift in the accumulation behaviour following the collapse of the Terra ecosystem. Retail participants have also accelerated their absorption of Bitcoins, increasing the relative share of the total circulating supply by 1.78%.

BTC Whales Are Back in Accumulation Mode

BTC whales, after months of dumping, are back in accumulation mode. Whale addresses holding 100-1k BTC have added over 20,000 BTC to their kitty in the last two days, according to data from Santiment. Bitcoin's price has had an up-and-down Tuesday with a jump above $30.5k and a revisit back to the $30.0k support.

Bitcoin HODLers Demonstrate Diamond Hands

Bitcoin holders are holding their supplies firmly, demonstrating the characteristics of diamond hands. Despite the BTC price jumping over 80% in 2023, there has been no significant uptick in older coins being spent. Coins purchased over the last three months represent less than 20% of the wealth held in Bitcoins, depicting the period of bear cycle lows.

Forex Traders Keep an Eye on Bitcoin's Price Action

The recovery of Bitcoin's price above $30,000 has caught the attention of forex traders. The current oscillation between the support and resistance range of $29,500 and $32,500 has presented opportunities for traders to speculate on the BTC price movement. The accumulation behaviour of both BTC shrimps and whales could potentially impact the forex market. Forex traders need to stay updated on the latest news and trends in the cryptocurrency market to make informed trading decisions.

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