On Wednesday, August 23, the BTC price jumped back to $26,700 in a recovery move after last week’s Bitcoin collapse. However, it has retraced partially and is currently trading at $26,399 with a market cap of $513 billion.
On-chain data shows some optimism with Bitcoin whales back in action after dumping last week. On-chain data provider Santiment explains that Bitcoin surged to a peak of $26.8K on Wednesday as significant whale and shark addresses are once more increasing their holdings. Among the 156,660 wallets holding 10 to 10,000 BTC, they’ve gathered a total of $308.6 million since August 17th.
On the other hand, some reports suggested that Robinhood has been accumulating $3 billion worth of Bitcoins over the last 3 months. A secret wallet has accumulated this quantity which analysts believe belongs to Robinhood.
The secret wallet that bought $3,000,000,000 worth of #Bitcoin in the last 3 months belongs to Robinhood.
While you panicked, they bought pic.twitter.com/pEES8e1FJf
— Crypto Rover (@rovercrc) August 23, 2023
Although Robinhood’s intentions for the substantial Bitcoin holdings remain uncertain, this finding underscores the company’s strong interest in the digital asset sector. Robinhood has been actively striving to attract more cryptocurrency investors to its platform. This revelation is likely to generate increased attention from the crypto community.
Bitcoin Price Surge: A Dead Cat Bounce or Recovery?
It’s too early to say whether Bitcoin is changing course after Wednesday’s price bounce. While the Bitcoin whales have resumed accumulation, short-term holders have been offloading heavily over the last week.
#Bitcoin | Capitulation is in the air as short-term $BTC holders have been offloading heavily this past week. pic.twitter.com/fgBqvoOQrU
— Ali (@ali_charts) August 23, 2023
Also, the Bitcoin price momentum looks overall bearish on the technical charts. The recent rejection at this level, combined with the 50-day moving average around a similar price, has triggered a notable downward movement. Bitcoin (BTC) has breached the crucial 200-day moving average, situated around the $28,000 mark. This holds significant trend information, and a dip below this level suggests a possible shift towards bearish sentiment.
Although the RSI indicator has rebounded from oversold territory, it remains below the 50% threshold. This implies that while the current price is moving within a range, the overall momentum is still leaning towards bearish sentiment. As a result, there’s a likelihood that the market might test the $25,000 zone once again in the near future.
Crypto analyst IncomeSharks further warned that Bitcoin should form three green candles. Only then, we can confirm the price recovery.
Every #Bitcoin pump has retraced and dropped lower since June. We haven’t seen 3 consecutive green candles since June. Too many getting excited on a single candle when we have seen ZERO follow since June
— IncomeSharks (@IncomeSharks) August 23, 2023
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
