During intraday trade, the top cryptocurrency increased by 7.77% over the previous seven days to reach $20,154, per the CoinMarketCap.
Bitcoin whales on a spending binge based on increased accumulation are driving the upward momentum. Santiment, a source of market information, stated:
“Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10k BTC have collectively added back 46,173 BTC back to their wallets as large USDT holdings have dropped.”
The continuous hodling behavior that whales on the Bitcoin network are exhibiting can also be observed in the fact that more coins have been leaving cryptocurrency trading.
“Bitcoin continues to see its supply moving away from exchanges as traders show further signs of being content with their current holdings. With less than 9% of BTC on exchanges for the first time since 2018, it is a good bode of confidence for bulls.”
Coins are transferred to digital wallets or cold storage for purposes other than speculative use after leaving bitcoin exchanges, which typically reflects a hodling culture. The fact that it reduces selling pressure makes it a bullish indicator.
Because more than 42 million addresses still hold BTC in spite of the bearish trend, Bitcoin hodlers have shown no signs of giving up on their pursuit for more money. Data analytics company IntoTheBlock noted that this is 4.5 million more than in 2021.
The federal reserve has been advised by the UNCTAD to exercise prudence when tightening fiscal and monetary policies as doing so could lead to a global recession, and this comes at a time whenever the bullish momentum in the BTC market is on the upswing.
As bears continue to attack, the Fed has been at the forefront of raising interest rates, which has been negative to the cryptocurrency market.
Thus, given that interest rate hikes have been the main roadblocks, a bullish trend may be set off in the cryptocurrency market if the Fed decides to accept this call.
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