Bitcoin's price action at September's start has evoked questions
Per Santiment, whales are being particularly indecisive on stablecoin accumulation currently. Analyzing big wallets to see the ratio of stablecoins they own is a tried and tested method of predicting where crypto will go next. A rise in their buying power would signal a bounce.
This aligns with on-chain data, which suggested that Bitcoin's last surge might have been buoyed by whales. According todata, addresses holding 0.1% of the Bitcoin supply or more have added over $1.5 billion in BTC holdings in the last two weeks. However, as it stands, Bitcoin continues to oscillate inside the large range between $24,800 and $31,000. A sustained break below $25,400, as stated above, might lead to BTC targeting the $23,340 mark.
On the other hand, a break past the daily moving averages of 50 and 200 at $27,640 and $28,423, respectively, might reinforce a climb toward $30,000.
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