BTC price currently seems to be in no man’s land as it safely trades just above the $11,500 weekly support but remains below the significant resistance near $12K.
As of this article’s writing, the world’s benchmark cryptocurrency trades for $11,584, around 2.5% from last week’s lows at $11,380.
BTCUSD Price Chart | Source Tradingview
The crypto data tracking site notes that $11,850 remains a crucial supply zone for BTC, as it is the level at which whales have historically acquired large volumes of BTC.
WhaleMap explained in a tweet that BTC needs to consolidate above $11,850 for the bulls to take charge of the asset’s price trajectory in the near term.
“Overall, I feel we need to consolidate above ~$11,850 for price to make the second leg on the daily and on-chain shows that it’s somewhat likely due to HODLer profit taking being bought up,” they noted.
BTC Rich List Hits ATH
As per data from the on-chain intelligence platform Glassnode, the number of addresses that contain 1,000 or more Bitcoin surged to an all-time high (ATH) of 2,190 on Aug. 24.
The previous ATH for this metric was 2,184 on Sept. 28, 2019, when the BTC price stood at $11,717.
Addresses with Over 1000 BTC Hits ATH | Source Glassnode
This surge indicates that institutions and high-net-worth investors have renewed interest in the asset, with big investors currently holding about $92.2 billion worth of coins.
This immense capital inflow into the top coin shows that BTC has matured as an alternative investment to traditional markets in the wake of the Covid-19 pandemic.
George Ball, CEO of Sanders Morris Harris, reiterated this point in a recent interview with Reuters when he told reporters that BTC is one of the most lucrative assets currently.
He added that many wealthy investors have turned to the crypto as a safe haven asset during the ongoing market uncertainty.
ETH Price Climbs to New Weekly High
In yesterday’s trading, Ethereum gained bullish momentum and managed to break above a crucial resistance that had been holding it back for the last week.
As we had predicted, the second-largest crypto didn’t stay below the $400 level as it managed to break the resistance at this level and reach a new weekly high near $411 before correcting lower.
At press time, ETHUSD is consolidating gains at its price of $ 396. The ETH price is likely to surge above $410 soon as long as it holds above the $400 support zone.