- BTC’s overbought streak continues.
- Whales have amassed more than $600 million BTC in the last seven days.
Based on the events of the past week, it is clear that Bitcoin [BTC] whales are still actively gathering. Despite the price of BTC remaining above $30,000, recent chart data shows that this accumulation trend continues.
Read Bitcoin (BTC) price prediction 2023-24
Whales collect more Bitcoin
According to a recent report from IntoTheBlock, Bitcoin whales continue to strengthen their portfolios. The released chart indicates that 18,924 BTCs were added to their wallets in the last seven days.
The value of the Bitcoin accumulated by these whales during this period is approximately $650 million.
Furthermore, the chart shows that these whales continued to gather despite the fluctuating price trend over the past seven days.
Bitcoin supply distribution is seeing an increase
According to a Santiment chart, the current accumulation of whales is reflected in the distribution of Bitcoin supply. Specifically, within the range of 10,000 to 100,000 BTCs, there has been a noticeable increase.
The graph shows that after October 23 there was a significant increase in this group of addresses. Initially, the supply distribution for this group was around 11.6%, but it peaked to over 11.8%.
At the time of writing this, there has been a slight decline, but the supply distribution remains at approximately 11.8%.
Source: Santiment
Interestingly, despite these metric increases, the total number of BTC holders has not shown any significant growth. The graph illustrated that the total number of BTC holders remained at approximately 49 million.
At this point there may be a slight decline, but the number still hovers around 49 million.
BTC remains in the overbought zone
Bitcoin’s current price trend on the daily time chart shows a continued uptrend. Despite minor declines over the past two weeks, the price has consistently maintained a position above $30,000.
How much are 1,10,100 BTCs worth today?
By the end of trading on October 31, the company managed to secure an albeit modest gain of less than 1%. Additionally, BTC was currently trading at around $34,400, down less than 1%.
Source: TradingView
Moreover, the Relative Strength Index (RSI) signaled a very strong bullish trend. The RSI line remained above 80 at the time of writing.
