Bitcoin remains in a period of consolidation at the start of the week, with the price staying within the $33,000 to $36,000 range since the beginning of July.
The cryptocurrency dropped in value by around 5 per cent overnight but remains above $34,000 on Monday morning.
Other leading cryptocurrencies, including Ethereum (ether), dogecoin, and Cardano (ada) have seen a similar stint of stability in recent days, though current trends suggest price gains could be on their way.
The latest crypto market data from analytics firm Glassnode shows that there has been a significant uptick in so-called whale accounts, which is typically a bullish signal.
An increase in crypto whales – addresses holding more than 1,000 bitcoins – occurred in tandem with the record-breaking run that took bitcoin to its all-time high above $64,000 in April.
Bitcoin ‘whales’ hit two-month high
The number of so-called “whales” – crypto holders with more than 1,000 bitcoins – has hit a two-month high, leading to speculation that significant price gains could be on their way.
Data from market analytics firm Glassnode reveals that the number of whale entities rose by 80,000 to 4.126 million – just a few hundred thousand off the al-time high seen in February 2021.
The increase in crypto whales is typically seen as a bullish sign, as it shows that those with the most power over the market are currently accumulating bitcoins.
“The latest uptick in the whale balance suggests the bottom may have been reached,” notes CoinDesk’s Omkar Godbole.
Bitcoin whales started buying bitcoin aggressively today.
(h/t @woonomic) pic.twitter.com/MRJ3S6y9xp
— Pomp ???? (@APompliano) July 3, 2021
???? The whales began massively accumulate #Bitcoin again pic.twitter.com/5kf2mAeYff
— ???????????????????? ???????????????????????????????????? (@Smart_Liquidity) July 5, 2021
