Journalist
Posted:
- The top 10 Tether wallets contain tokens worth $15.23 billion at the time of writing.
- Market indicators suggested that investors could expect a few quiet days.
Bitcoin [BTC] has shown a steady increase in value in recent weeks as it remained above the $37,000 mark. In fact, the price of the king coin recently rose above $38,000.
Taking into account the latest data, things could get even better in the coming days as the top players in the crypto market show confidence in BTC.
Bitcoin remains bullish
CoinMarketCaps facts revealed that the price has risen more than 4.5% in the past week. In the last 24 hours alone, BTC has risen by over 3.3%. At the time of writing, it was trading at $38,225.01 with a market cap of over $747 billion.
If reported previously by AMBCrypto, it was interesting to note that Bitcoin holders are showing unwavering confidence in the king coin despite market fluctuations. The coin experienced strong momentum, coinciding with substantial holding positions.
In the midst of this, Santiment recently posted a tweet pointing out a notable development. According to the tweet, BTC’s Supply on Exchanges has moved further into self-custody.
While this reflected a rise in buying pressure, it also indicated a decline in confidence in CEXs in the recent past.
While this was happening, the 10 largest were Tether [USDT] exchange portfolios increased their holdings.
💸 #Bitcoin‘s offerings at trade fairs have increasingly become in-house, while the reputation of the fair continues to decline. Meanwhile, the 10 largest #Tether stock market portfolios contain $15.23 billion, pushing the stock market’s purchasing power to its highest level in 17 months. 💪 https://t.co/AtjD9ve3YO pic.twitter.com/XJ0uuTiAZx
— Santiment (@santimentfeed) November 29, 2023
The tweet noted that the top 10 Tether wallets held $15.23 billion, pushing the exchange’s purchasing power to its highest level in 17 months. When the supply of stablecoin, including Tether, increases, it indicates that the buying capacity of the market is high.
Buyers can therefore exert even more purchasing pressure BTC in the coming days, which could result in a continued bull rally in the coming weeks.
Is Bitcoin Actually Ready for a Bull Run?
AMBCrypto then looked at CryptoQuant’s facts to understand if the buying pressure on the currency was high. According to our analysis, BTC’s foreign exchange reserve fell, which looked optimistic. Also, the binary CDD was green.
This meant that long-term holders’ moves over the past seven days were lower than average, reflecting their desire to hold on to their assets.
In fact, Bitcoin’s Coinbase premium was also green, indicating that investors in the United States were buying the coin in general.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2023-24
However, upon closer inspection, AMBCrypto found that investors could expect a few slow-moving days sooner BTC‘s price action became volatile. It was striking that the MACD showed a battle between the bulls and the bears.
At the same time, the Money Flow Index (MFI) registered a slight decline and headed towards the neutral point. Nevertheless, the Relative Strength Index (RSI) remained bullish as it rose at the time of writing.
Source: TradingView
