New attack from Bitcoin whales: How does it affect the price?

in Bitcoin (BTC)With the decrease in volatility, ochain data shows that investors expect an increase.

Crypto analysis platform CryptoQuantfounder of That Youngju ‘ Accordingly, Bitcoin whales are signaling a potential uptrend by opening long positions at the $69,000 level. This move shows major investors’ belief in Bitcoin’s future price trajectory amid its ongoing accumulation process.

The information shared by another analyst, Ali Martinez, also supports the positive outlook. In an X post on June 7, Martinez noted an increase in the Bitcoin buying-selling rate on the HTX cryptocurrency exchange.

The rise of the ratio to 730′ indicates overwhelming buying pressure and strong bullish sentiment among traders. This increase in purchasing activity indicates a potential upward move in Bitcoin price in the near term.

Remarkable development in whale activity

The remarkable data came after a report by CryptoQuant that detected an increase in Bitcoin demand. The report stated that accelerating demand growth is necessary for a sustainable price rise, implying that Bitcoin may experience a price increase soon.

It is worth noting that the current activity of Bitcoin whales mirrors their movements in 2020, just before the price rose from $10,000 to over $60,000. At that time, BTC was hovering around $10,000 for six months.

Additionally, as reported by Finbold, Martinez detected a break in the daily active address trend on Santiment. On June 8, Martinez observed a significant increase in value, with 765,480 Bitcoin addresses becoming active in the last 24 hours. This increase in active addresses is interpreted as a positive sign that the bull run of the cryptocurrency market continues.