- Bitcoin price gained about 3 percent in the past 24 hours to trade above $27.3k on Monday, raising hope for an altcoin recovery.
- On-chain intelligence platform Santiment noted that crypto whale activity is at a yearly low, suggesting a wait-and-see scenario.
The cryptocurrency market opened the week on a positive note, with investors and traders well aware of the potential impact of the high-impact news on Wednesday, Thursday, and Friday. Notably, the United States Fed and the Bank of England are expected to release interest rate data on Wednesday and Thursday, respectively. In the last few months, the Fed and the ECB have continued to tighten their monetary policies despite negative retail sales adjusted for inflation and a deflating PPI in China. With impending signals of a possible recession, investors have continued to gain more confidence in the Bitcoin-led industry, which has very low inflation and some deflationary effects.
Santiment on Crypto Whales
According to market intelligence platform Santiment, the ongoing Bitcoin-led crypto recovery—amidst all odds of September bears—is largely fueled by whales. Notably, Santiment highlighted that the whale transaction count for trades exceeding $100k dramatically declined in the past few days, to the lowest level YTD. Essentially, a notable decline in crypto whales’ transaction volume is not a direct bearish signal, as the investors could be watching and waiting for an entry opportunity.
Price Action Analysis
The total crypto market cap could continue rising if Bitcoin reclaims the zone between $27.7k and $28k as a support level. The current September has contradicted the historical pre-halving similar months that are perceived as bearish so far. With October of the pre-halving year perceived to be bullish, there is a high chance Bitcoin’s price could continue rallying toward $30k in the coming weeks.
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.