In the past six weeks, large investors in the cryptocurrency ecosystem have accumulated more than 81,000 Bitcoins (BTC), valued at approximately Rp1.34 trillion (US$81,000 x Rp16,491). The move comes amid BTC price attempts to break through the psychological level of Rp1.64 billion (US$100,000).
The accumulation action by investors holding between 10 and 10,000 BTC is in contrast to small holders who sold around 290 BTC in the same period, according to data from Santiment.
The difference in behavior between large and small investors, who hold less than 0.1 BTC, signals the complex dynamics at play. While small holders reduced their holdings slightly, large investors' accumulation can be a bullish indicator for BTC prices.
Recently, optimism in the crypto market led to the liquidation of over US$734 million worth of short positions as Bitcoin’s price rose.
Many traders who bet on a price drop were forced to close their positions when BTC broke through the previous resistance level of around US$95,600 (Rp1.57 billion).
These movements suggest that the current market momentum is driven by optimism and accumulation by large investors, which could push BTC prices higher if this trend continues.
However, it is crucial to consider that the crypto market remains volatile, and investors should carefully evaluate risk factors and conduct in-depth analysis before making any investment decisions.
With the current price of BTC nearly reaching IDR1.61 billion (US$97,000), many analysts and market participants are eagerly anticipating to see if the asset can break and hold above the psychological level of IDR1.64 billion (US$100,000). Success in breaking this level could pave the way for further rallies and strengthen bullish sentiment in the cryptocurrency market.
Major investors' significant accumulation indicates growing confidence in Bitcoin as a long-term investment asset. Although challenges remain, such as breaking through psychological resistance levels, current trends indicate continued growth potential for BTC in the cryptocurrency market.
