Sleeping Giant Awakens, Bitcoin Sees Spike In Transactions Above $1M

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Bitcoin has slowed due to its bullish momentum during today’s trading session, but the crypto market continues to push to the top. The price of BTC is still recording profits in the last 24 hours and 7 days with 3% and 3.3% respectively.

Related Reading | Bitcoin Breaks Up Realized Price Again, Bottom Finally In?

The cryptocurrency has likely been affected by a decline in the hereditary market. Over the past few months, Bitcoin has shown a high correlation with the S&P 500 and the Nasdaq 100.

The S&P 500 has seen significant gains since the beginning of July 2022 after a major bearish price action took it from around 4,800 to its current levels around 3,800. In the past week, the index has taken a bearish turn that seems to contribute to BTC’s price-breaking ability to break resistance at $ 22,000.

Bitcoin BTC BTCUSD
The price of BTC with small gains on the 4-hour chart. Source: BTCUSDT Tradingview

On the other hand, the crypto market has seen positive developments. The second crypto by market boundary Ethereum has a date for its highly anticipated event, “The Merger”, investors absorbed the selling pressure without the price of BTC losing its all-time high of 2017 in high time frames, there is much less leverage in the crypto market . .

In addition, research firm Santiment is recording an increase in the activity of Bitcoin whales. These large investors have triggered online activity as they appear to be accumulating BTC at its current levels. On today’s price action, Santiment stated the following during a division of the diagram below:

About three hours ago, the amount of # Bitcoin transactions valued at more than $ 1 million increased to its highest value in more than a month. Whale moves are busy today, and spikes like this can often be a precursor to price direction changes.

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Source: Sentiment on Twitter

As NewsBTC reported, BTC whales were more active, it seems BTC has fallen to its current levels. Addressees with more than 10,000 BTC added 30,000 to their holdings.

Bitcoin Online Activity Needs More Fuel

Data from Mempool.Space indicates that an increase in Bitcoin network activity has led to major rallies. This performance is measured by transaction fees, and how much users pay for sending a BTC transaction.

This metric has tended to the downside since mid-2021 but has begun to show possible signs of recovery over the past month. Bitcoin transaction fees have increased over the last 30 days perhaps suggesting more online activity and increasing the shift of future appreciation.

Related Reading | Settlements Cross $ 230 Million As Ethereum Barrels Beyond $ 1,400

However, network performance is still low in higher time frames. Additional data from analyst Ali Martinez records a decrease in the number of new BTC addresses. This metric stands at an 11-month low with a sharp increase in the BTC stock sent to crypto exchanges. This often translates to sales pressure. The analyst said:

In general, a steady decrease in the number of new addresses created on a given blockchain leads to lower prices over time.



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