Key Findings: BTC Technical Analysis
- Bitcoin could reach its next upside target if Tether whales feed demand for BTC.
- Tether’s 100 largest addresses increased their purchasing power by $1.67 billion in the last six months.
- The price of Bitcoin increased to $38,380 for the very first time since May 4, 2022, bringing it one step closer to its aim of $40,000.
Bitcoin Technical Analysis – BTC Daily Price Chart
Tether whales appear as notable contributors to the surge in Bitcoin’s value, reaching $38,300. In the past six months, the 100 biggest Tether addresses have increased their holdings by $1.67 billion, according to statistics from the crypto intelligence tracker Santiment. The likelihood that Bitcoin will rise above $40,000 increases with the purchasing power of these stablecoin whales.
Santiment draws attention to the two-week decline in whale USDT token ownership together with the rise in Bitcoin’s price to $38,300 to demonstrate the connection between Tether whales and the price surge. Tether whales probably accumulated Bitcoin and increased demand for the biggest cryptocurrency by spending stablecoins.
Technically, BTC denying to break the support at $35K and holding the position near the critical resistance at $37.7K signals a further bullish move. In such a case, we may see a bullish breakout of the current consolidation zone that will eventually unlock the next upside target at $40K.
Furthermore, the Relative Strength Index (RSI) bouncing upwards from the 50-level and currently standing at 61.81 suggests a possible end of the ongoing price correction and a beginning of the next bullish wave.
See Related: Bitcoin And Ethereum Technical Analysis; BTC Potential Bullish Breakout at $37.7K, ETH Potential Upside Rally
Key Findings: ETH Technical Analysis
- Ethereum whales, who own $132.1 billion in ETH, are accumulating the altcoin.
- 52% of Ethereum’s circulating supply is held by whales, which supports the theory of ETH price growth.
- After surpassing the crucial resistance between $1,928 and $2,010, the price of ETH aims for new yearly highs.
Ethereum Technical Analysis – ETH Daily Price Chart
The combined value of the 200 biggest Ethereum wallets, or 62.76 Ether coins, is $132.1 billion. According to Santiment data, the whale wallet investments increased by 30.3% from November 21, 2022. Whale wallet activity will directly affect the price of the asset because the holdings of these huge wallet investors comprise 52% of the altcoin’s circulating supply.
The story of rising ETH prices is supported by the 94.7K new Ethereum wallets established on November 21, the biggest increase since July 2023.
According to the daily price chart, Ethereum is still respecting the current trendline support and holding above the $2K level. Besides, the false break of the 21 EMA support on November 23rd confirms buyers’ control over the market.
Until the RSI returns above 80 (currently at 62.15), there is room for Ethereum to break the resistance at $2,150 and head toward the new upside target near $2,300.
