Bitcoin whales seem to be awakening, more volatility is expected

We saw a significant uptick in the crypto market on Sunday night, especially among the altcoins. Bitcoin (BTC) also made a nice increase, but as expected, ran into quite a bit of resistance between $17,200 and $17,300.

Still, bitcoin briefly broke out there last night and briefly rose to $17,400, but then immediately fell back. Despite this, bitcoin is still holding above $17,200 on Binance and $16,000 on Bitvavo while many altcoins are already correcting deeper.

This brings the bitcoin price today to the same price as 24 hours ago. Trading volume increased by 20% in the last 24 hours. The total market capitalization is $331 billion and the dominance is 39%. The Fear & Greed Index comes out at 26 (Fear).

Markets in green: will more volatility follow this week?

We also saw this revival yesterday in the equity markets, which turned green. This was accompanied by a falling US dollar index (DXY). The euro even reached its highest price against the dollar since June yesterday.

It seems that fears about the macroeconomic situation and the hawkish policy of the Federal Reserve decreases slightly. However, fears are still very high, and the coming days could become volatile again.

Later today there will first be a speech by Fed chairman Jerome Powell and next Thursday the publication of the US inflation figures with the US consumer price index (CPI) will follow.

Are bitcoin whales starting to buy cautiously?

Recently we have written more often that the so-called bitcoin whales remain remarkably inactive for the time being. Despite this, whales holding 1,000 to 10,000 BTC bought about 20,000 BTC last week, analyst Ali Martinez reports. Are these the first signs of an awakening?

The Grayscale Bitcoin Trust (GBTC), the largest bitcoin fund in the world of Grayscale Investments, also seems to be cautious again. The huge discount on the institutional product is finally waning.

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