Bitcoin Whales Active, Did Robinhood Buy $3B Btc

8/24/2023 2:00:47 PM

(MENAFN- CoinXposure) On Wednesday August 23, the BTC price rebounded to $26,700, following last week's bitcoin price decline . However, it has partially retraced and is now trading at $26,399 with a market capitalization of $513 billion.

Bitcoin whales are back in action, according to on-chain data, after unloading last week. On-chain data provider Santiment explains that Bitcoin reached a high of $26,8K on Wednesday as whale and shark addresses increased their holdings once again.

Since August 17th, the 156,660 wallets housing 10 to 10,000 BTC have amassed a total of $308.6 million. Alternatively, reports indicate that Robinhood has accumulated Bitcoins worth $3 billion over the past three months.

Courtesy: Santiment

Analysts believe that this sum accrued in a secret wallet belonging to Robin Hood. Although Robinhood's intentions for the substantial Bitcoin holdings are unknown, this finding demonstrates the company's keen interest in the digital asset industry.

Robinhood has been actively pursuing the recruitment of additional crypto investors to its platform. This disclosure is likely to garner heightened interest from the crypto community.

After Wednesday's price increase, it's too soon to tell if Bitcoin is altering its course. While Bitcoin billionaires have resumed their accumulation, short-term investors have been aggressively selling over the past week.

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Moreover, Bitcoin's price momentum appears generally bearish on technical charts. The combination of the recent rejection at this level and the 50-day moving average around the same price has triggered a significant downward movement.

Bitcoin (BTC) has surpassed the pivotal 200-day moving average located near $28,000. This contains important trend information, and a decline below this level suggests a possible adverse sentiment shift.

Even though the RSI indicator has returned to oversold territory, it remains below the 50% threshold. This indicates that, although the present price is moving within a range, the overall momentum remains bearish.

Consequently, there is a chance that the market will revisit the $25,000 region soon. In addition, the cryptocurrency analyst IncomeSharks warned that Bitcoin should form three green candles. We cannot affirm the price recovery until then.

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