Notably, during this time, Bitcoin ‘whales’ made an enormous amount of transactions in this range as prices bottomed out, according to data from behavior analysis platform Santiment. As a result, the number of transactions on the platform above $100,000 and $1 million has peaked at their highest level in a month; interestingly, Bitcoin whale transactions last reached their peak levels on January 24, just as prices were about to bottom out before rising once again.
Why Bitcoin whale transactions are noteworthy
Given that Bitcoin has begun to recover following the announcement of sanctions against Russia by US President Joe Biden, it suggests that the digital asset may have bottomed out with prominent players stepping in just below the $35,000 range as a buying opportunity. Bloomberg senior commodity strategist Mike McGlone considered the dip a ‘defining moment ‘for the digital asset. Furthermore, Alex Mashinsky, the CEO of Celsius Network, has also said the ongoing conflict between Russia and Ukraine has acted as a catalyst helping Bitcoin establish a critical support level at $30,000.
On-chain analysis absorption at $35,000
Whatsmore, Finbold reported earlier this month that an analysis of the $35,000 zone shows that it is substantially greater than previous demand absorption zones. On-chain analytics platform Glassnode, in particular, stated that the $35,000 threshold is one that should be closely monitored stating: It’s worth mentioning that absorption did step in at this level once again, which is bullish for Bitcoin; the crypto market starts regaining strength in the face of geopolitical changes. Currently, Bitcoin is trading at $38,850.95, up 1.52% in the last 24 hours and down 2.93% over the previous week. The flagship digital asset is now worth $736.9 billion, with a total market dominance of 41.7%, according to CoinMarketCap statistics. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
