Bitcoin Reclaims $28.2k: Whales Show Excitement as Prices Surge
• Bitcoin [BTC] re-claims $28.2k, whales show interest with increased accumulation
• Miner revenues remain unaffected and continue to decline, increasing selling pressure
• Retail investors show the same level of interest in accumulating BTC as whales
Bitcoin Reclaims $28.2K
Bitcoin prices surged as whales began to accumulate BTC. The surge was driven by Bitcoin’s successful reclamation of the $28.2k price level. Data from Glassnode showed that whale activity had been steadily rising over the past months, with an overwhelming majority of BTC being held by addresses holding 10-10,000 BTC.
Miner Revenues Unaffected
Despite the rise in price, miner revenue remained unaffected and continued to decline resulting in an increase in selling pressure. According to data from BTC.com, miner revenues had plummeted from $41.74 million to $29.01 million over the past month and difficulty levels had continued to increase materially in the same period. This has made it more challenging for individual miners to compete and receive block rewards potentially forcing smaller miners out of the network and consolidating mining power in larger operations leading to higher electricity costs and lower profitability for miners who may have no choice but to sell their BTC if they want to stay afloat.
Retail Investor Interest
Retail investors have shown a similar level of interest in terms of accumulating Bitcoin as whales according to Santiment’s data which could make them vulnerable to whale behavior leading up potentially large price fluctuations.
AI Tools For Different Tasks
Collection of top AI tools that can be used for different tasks is available such as a Bitcoin Profit Calculator which can help investors determine if their portfolios are green or not.
Conclusion
In conclusion, despite Bitcoin’s successful reclamation of its previous all-time high price level at $28200, there are still factors such as miner revenue declines and retail investor vulnerability that could negatively affect its future performance if not taken into consideration when making investment decisions regarding cryptocurrencies like Bitcoin