World’s leading digital currency has finally surged above $31,000, while mega whales have been buying more BTC
Bitcoin managed to reverse its slide, surpassing the $31,400 level after a weekend bearish and adding 5.1% to its USD exchange rate.
Ethereum and other top cryptos have been following the king crypto to the North, with ETH rising 5.2%.
Meanwhile, mega-whale BTC balances have reached the highest peak this year.
Bitcoin gains momentum
Bloomberg has cited a Fairlead Strategies co-founder, Katie Stockton, who said on Friday in a written statement that Bitcoin had managed to stabilize after the past few bearish few weeks, thanks to short-term momentum.
According to her, thanks to Tom DeMark’s TD Sequential model, a short-term counter-trend buy signal was spotted, which assumed a high probability of an oversold bounce for the flagship cryptocurrency.
Bitcoin has been drifting around the $30,000 zone for several weeks now, failing to live up to bearish expectations of diving deeper, unable to go up at the same time.
BTC’s decline began when the Federal Reserve announced the historic interest rate hike and intensified with the recent collapse of Terra’s LUNA and the UST algorithmic stablecoin.
Mega whale wallets’ BTC balances soar to ATH
In the meantime, the buying activity of large Bitcoin wallets, part of which are located on exchanges, has seen a substantial increase.
Santiment shared that mega-whale addresses that hold between 100+ and 10,000+ Bitcoins have been accumulating heavily this year, and so far hold their largest supply of BTC in 2022.
All-in-all, according to the posted chart, these wallets now hold nearly 12% of the total Bitcoin supply. Over the past 20 weeks, these whales have increased their BTC stashes by 12.8%.
