Bitcoin tries to salvage declines, and here is a promising sign to watch per Santiment
On-Chain Analytics Platform Saniment reports that Bitcoin has remained tightly pegged to stocks as traders wait for a sign of a breakout. Santiment notes that the bias towards gold and the decoupling of equities could be a positive sign for a recovery in Bitcoin.
The Bitcoin price is attempting a foothold near the $38K mark on Monday, hinting at higher inflation ahead.
Charlie Bilello, founder and CEO of Compound Capital Advisors, tweeted that the Fed’s balance sheet hit a new record high at $8.93 trillion, more than doubling in the past two years as the Fed continued to buy obligations. US inflation also hit a 40-year high this month.
At press time, Bitcoin was changing hands near $38,315, representing a near 1% gain on the day. Earlier, prices dropped to lows of $37,020 on Feb. 27, indicating negative cues to traditional markets.
Bitcoin accumulation shifts to retail holders
Chain analysis firm glass knot reports that most Bitcoin wallet cohorts are now in net accumulation, with the smallest holders being the most aggressive.
Shortly after whales’ actions, retail investors seem to be scooping up Bitcoin tokens at a discount amid the present market volatility concerning short-term price action for cryptocurrencies.
On-chain analysis, business Saniment earlier reported a massive Bitcoin accumulation for whales when Bitcoin bottomed out at $34,322, noting the highest number of trades above $100,000 and $1 million since Jan. 24.
As Bitcoin prices bottomed out at $34.7k, whales have made some MASSIVE transactions. This has been the largest amount of both $100k+ and $1m+ $BTC transactions since Jan. 24th, when prices jumped +15% the week following.
