By Shelly Melancon (Switzerland)
The top analytics firm that tracks huge crypto transactions, Whale Alert, has revealed that two bitcoin whales have transferred over $2B worth of BTC between them. It also revealed that another bitcoin whale transfer took almost less than an hour after the previous one and is worth over $1B. Each of these transfers didn’t cost up to $15 in charges.
Market Sentiment Remains Bullish
These bitcoin whale transactions show that market sentiment remains bullish despite the sideways movement in the market for some days now. Another proof of the bullish market sentiment is the continued decline in the bitcoin stablecoin ratio on exchanges. As of this writing, the king coin trades hands at almost $49K. It has earlier surged past the $49K as it continues to test its next key resistance (the $50K range).
BTC inflows and outflows at the exchanges. Source: Santiment.
Stablecoin reserves on exchanges reached a new peak following the inflow of $1.8B worth of stablecoins. Analysts interpret this market activity as bullish since crypto exchanges often assist holders with investment in the crypto market using stablecoin. Normalcy is gradually returning to the crypto market after three successive months of bearish activities.
12-month stablecoin inflow on exchanges. Source: Santiment.
How BTC Can Surge Past $50K
Following a weekly low around the $46K levels, BTC surged past $49K in today’s early session. There were about 1.69m BTC inflows into exchanges today as the king coin price wasn’t affected by the inflow-induced volatility of the market.
BTC/USD 1-hour chart. Source: TradingView
A weekly close of over $49K will cap a remarkable week for the leading cryptocurrency. Some top analysts opined that BTC could set a new 2-month peak once it closes the week at $49.4K. After three months of bouncing around the $36K levels, BTC broke out.
It embarked on a strong bullish run to over $50K before the price correction that now sees it hover around the $49k in the last few days. Even though several indicators and indexes suggest a strong bullish momentum for BTC, the $50K range has proven to be its crucial resistance. Unless it turns the $50K price into support, BTC may likely never surge past it.
Bitcoin Cash And Relevance In The Crypto Industry
While most altcoins displayed strong rallies in the last few weeks, some notable acts, especially bitcoin cash (BCH), only showed weak bullishness. Investors opine that bitcoin cash is struggling because it doesn’t have the market sentiment to embark on a strong rally. In contrast to some of the top-performing arts, bitcoin cash’s ROI on smaller time frames was considerably lower than these top-performing alts.
For example, USDT weekly ROI is 12% better than BCH. Even its 135% year-on-year ROI is a cause for concern when compared with similar altcoins. Despite the recent bullishness cutting across the entire market, bitcoin cash activities remain at the same level as the last three-month bearish season. Nowadays, a digital asset’s level of activity is associated with its trading volume and recovery.
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