{"id":553547,"date":"2023-09-29T17:00:18","date_gmt":"2023-09-29T17:00:18","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=553547"},"modified":"2024-06-11T08:13:40","modified_gmt":"2024-06-11T08:13:40","slug":"bullish-combination-formed-bitcoin-rally-ahead","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bullish-combination-formed-bitcoin-rally-ahead\/","title":{"rendered":"This Bullish Combination Has Finally Formed For Bitcoin, Rally Ahead?"},"content":{"rendered":"

On-chain data shows that a bullish combination has just formed for Bitcoin, which may signal that a rally could be ahead for the asset.<\/p>\n

Sharks & Whales Are Accumulating Both Bitcoin, Tether Right Now<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, both the sharks and whales of BTC and USDT have been accumulating recently. The metric of interest here is the “Supply Distribution<\/a>,” which keeps track of the total amount of a given asset that the different holder groups carry.<\/p>\n

In the current topic, sharks and whales<\/a> are the entities of interest. For Bitcoin, the combined supply of these assets may be defined as the 10 to 10,000 BTC range, while for Tether, it’s generally 100,000 to 10 million USDT.<\/p>\n

The sharks and whales are influential entities in the sector due to their holdings, but their role differs between whether they are holding the volatile BTC or the stablecoin USDT.<\/p>\n

Related Reading: Bitcoin Surge Above $27,000 May Not Last, Here\u2019s Why<\/a><\/div>\n

The chart below shows how the supplies of the sharks and whales of the two cryptocurrencies have changed over the last few months:<\/p>\n

\"Bitcoin<\/p>\n

Both of these metrics appear to have registered an increase during the past few days | Source: Santiment on X<\/a><\/pre>\n
The graph shows that the Bitcoin sharks and whales have participated in some accumulation recently, which has taken their supply to 13.03 million BTC, a new high for the year.<\/p>\n
Interestingly, while this accumulation has occurred, the sharks and whales of Tether have also expanded their holdings. The metric’s value, in this case, has reached a six-week high of 15.03 billion USDT.<\/p>\n
The significance of the trend in the supply of the BTC sharks and whales may seem straightforward: these humongous entities are buying right now, so that should be bullish for the price. But what about the pattern being shown by the USDT cohort?<\/p>\n
Generally, an investor may buy into a stablecoin like USDT to avoid the volatility of assets like Bitcoin. Once these holders feel that the prices are right to jump back into the volatile side of the sector, they exchange their fiat-tied tokens for their desired coin.<\/p>\n
This shift can naturally provide buying pressure on whatever cryptocurrency they are swapping into. Because of this reason, one way to look at the supply of a stablecoin is as a measure of the available potential buying power<\/a> for Bitcoin and other assets in the market.<\/p>\n
Thus, the latest Tether accumulation would suggest that the sharks and whales have increased their buying capacity. Sometimes, spikes in this indicator come at the expense of the corresponding BTC metric, as these holders convert their reserves. While the buying power goes up for the future in such a scenario, it has only come at the expense of a BTC selloff.<\/p>\n
Related Reading: Research Firm Reveals Its \u201cAltcoin Trading Playbook\u201d<\/a><\/div>\n
In the current case, though, both of these indicators have trended up at the same time, which means that not only have the sharks and whales participated in some Bitcoin shopping, but the capital reserves that these large holders may deploy into the asset in the form of Tether have also gone up. “This is generally a bullish combination,” explains Santiment.<\/p>\n
BTC Price<\/h2>\n
Bitcoin had earlier risen above the $27,000 level, but the asset has retreated in the past few hours as it is now trading around the $26,700 mark.<\/p>\n
\"Bitcoin<\/p>\n
BTC has already retraced some of its recovery | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that a bullish combination has just formed for Bitcoin, which may signal that a rally could be ahead for the asset. Sharks & Whales Are Accumulating Both Bitcoin, Tether Right Now According to data from the on-chain analytics firm Santiment, both the sharks and whales of BTC and USDT have been accumulating recently. The metric of interest here is the “Supply Distribution,” which keeps track of the total amount of a given asset that the different holder groups carry. In the current topic, sharks and whales are the entities of interest. For Bitcoin, the combined supply of these assets may be defined as the 10 to 10,000 BTC range, while for Tether, it’s generally 100,000 to 10 million USDT. The sharks and whales are influential entities in the sector due to their holdings, but their role differs between whether they are holding the volatile BTC or the stablecoin USDT. Related Reading: Bitcoin Surge Above $27,000 May Not Last, Here\u2019s Why The chart below shows how the supplies of the sharks and whales of the two cryptocurrencies have changed over the last few months: Both of these metrics appear to have registered an increase during the past few days | Source: Santiment on X The graph shows that the Bitcoin sharks and whales have participated in some accumulation recently, which has taken their supply to 13.03 million BTC, a new high for the year. Interestingly, while this accumulation has occurred, the sharks and whales of Tether have also expanded their holdings. The metric’s value, in this case, has reached a six-week high of 15.03 billion USDT. The significance of the trend in the supply of the BTC sharks and whales may seem straightforward: these humongous entities are buying right now, so that should be bullish for the price. But what about the pattern being shown by the USDT cohort? Generally, an investor may buy into a stablecoin like USDT to avoid the volatility of assets like Bitcoin. Once these holders feel that the prices are right to jump back into the volatile side of the sector, they exchange their fiat-tied tokens for their desired coin. This shift can naturally provide buying pressure on whatever cryptocurrency they are swapping into. Because of this reason, one way to look at the supply of a stablecoin is as a measure of the available potential buying power for Bitcoin and other assets in the market. Thus, the latest Tether accumulation would suggest that the sharks and whales have increased their buying capacity. Sometimes, spikes in this indicator come at the expense of the corresponding BTC metric, as these holders convert their reserves. While the buying power goes up for the future in such a scenario, it has only come at the expense of a BTC selloff. Related Reading: Research Firm Reveals Its \u201cAltcoin Trading Playbook\u201d In the current case, though, both of these indicators have trended up at the same time, which means that not only have the sharks and whales participated in some Bitcoin shopping, but the capital reserves that these large holders may deploy into the asset in the form of Tether have also gone up. “This is generally a bullish combination,” explains Santiment. BTC Price Bitcoin had earlier risen above the $27,000 level, but the asset has retreated in the past few hours as it is now trading around the $26,700 mark. BTC has already retraced some of its recovery | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":553563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11680,6481,89533,1119,1144,88736,15241],"class_list":["post-553547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bullish","tag-bitcoin-rally","tag-bitcoin-sharks-whales","tag-btc","tag-btcusd","tag-stablecoin-sharks-whales","tag-stablecoins"],"acf":[],"yoast_head":"\nThis Bullish Combination Has Finally Formed For Bitcoin, Rally Ahead?<\/title>\n<meta name=\"description\" content=\"On-chain data shows a bullish combination has just formed for Bitcoin that may signal 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.ktsl888.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/www.ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"This Bullish Combination Has Finally Formed For Bitcoin, Rally Ahead?","url":"http:\/\/www.ktsl888.com\/news\/bullish-combination-formed-bitcoin-rally-ahead\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.ktsl888.com\/news\/bullish-combination-formed-bitcoin-rally-ahead\/"},"thumbnailUrl":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/09\/shutterstock_1063376348.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/09\/shutterstock_1063376348.jpg?fit=5191%2C3461"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bullish","bitcoin rally","bitcoin sharks & whales","btc","btcusd","stablecoin sharks & whales","stablecoins"],"dateCreated":"2023-09-29T17:00:18Z","datePublished":"2023-09-29T17:00:18Z","dateModified":"2024-06-11T08:13:40Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"This Bullish Combination Has Finally Formed For Bitcoin, Rally Ahead?\",\"url\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bullish-combination-formed-bitcoin-rally-ahead\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.ktsl888.com\\\/news\\\/bullish-combination-formed-bitcoin-rally-ahead\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/shutterstock_1063376348.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/shutterstock_1063376348.jpg?fit=5191%2C3461\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bullish\",\"bitcoin rally\",\"bitcoin sharks & whales\",\"btc\",\"btcusd\",\"stablecoin sharks & whales\",\"stablecoins\"],\"dateCreated\":\"2023-09-29T17:00:18Z\",\"datePublished\":\"2023-09-29T17:00:18Z\",\"dateModified\":\"2024-06-11T08:13:40Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.ktsl888.com\/wp-content\/uploads\/2023\/09\/shutterstock_1063376348.jpg?fit=5191%2C3461","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/553547"}],"collection":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/comments?post=553547"}],"version-history":[{"count":0,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/posts\/553547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media\/553563"}],"wp:attachment":[{"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/media?parent=553547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/categories?post=553547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ktsl888.com\/wp-json\/wp\/v2\/tags?post=553547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}