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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Sleeping Giant Awakens, Bitcoin Sees Spike In Transactions Valued Above $1 Million

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin

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Bitcoin has been slowing down on its bullish momentum over today’s trading session, but the crypto market continues to push to the upside. BTC’s price still records profits in the last 24 hours and 7 days with a 3% and 3.3% respectively.

Related Reading | Bitcoin Breaks Above Realized Price Again, Bottom Finally In?

The cryptocurrency was probably affected by a decline in the legacy market. For the past months, Bitcoin has displayed a high correlation with the S&P 500 and the Nasdaq 100.

The S&P 500 was seeing important gains since the start of July 2022 after a major bearish price action took it from around 4,800 to its current levels at around 3,800. In the past week, the index took a bearish turn which seems to be contributing to BTC’s price incapacity to break resistance at $22,000.

Bitcoin BTC BTCUSD
BTC’s price with minor gains on the 4-hour chart. Source: BTCUSDT Tradingview

On the other hand, the crypto market has been seeing positive developments. The second crypto by market cap Ethereum has a date for its highly anticipated event, “The Merge”, investors have absorbed the selling pressure without BTC’s price losing its 2017 all-time high in high timeframes, there is far less leverage in the crypto market.

In addition, research firm Santiment records an increase in Bitcoin whales’ activity. These large investors have been triggering network activity as they seem to accumulate BTC at its current levels. On today’s price action, Santiment stated the following while sharing the chart below:

About three hours ago, the amount of #Bitcoin transactions valued at over $1m spiked to its highest value in over a month. Whale moves are busy today, and spikes such as this one can often be a precursor to price direction shifts.

Bitcoin BTC BTCUSD Santiment
Source: Santiment via Twitter

As NewsBTC reported, BTC whales have been more active seems BTC dropped to its current levels. Addressees with over 10,000 BTC added 30,000 to their holdings.

Bitcoin Network Activity Needs More Fuel

Data from Mempool.Space indicates that an increase in Bitcoin network activity has led to major rallies. This activity is measured by transaction fees, and how much users are paying for sending a BTC transaction.

This metric trended to the downside since mid-2021 but has begun displaying potential signs of recovering over the past month. Bitcoin transaction fees have been on the rise during the last 30 days potentially hinting at more network activity and increasing the change of future appreciation.

Related Reading | Liquidations Cross $230 Million As Ethereum Barrels Past $1,400

However, network activity is still low in higher timeframes. Additional data from analyst Ali Martinez records a decline in the number of new BTC addresses. This metric stands at an 11-month low with a sharp increase in the BTC supply sent to crypto exchanges. This often translates into selling pressure. The analyst said:

Generally, a steady decline in the number of new addresses created on a given blockchain leads to lower prices over time.

#Bitcoin | Nearly 32,000 $BTC, worth roughly $672 million, have been sent to known #crypto exchange wallets over the past four days. pic.twitter.com/lXcKetuRLK

— Ali (@ali_charts) July 18, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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