Following an earlier price crash to below $90,000, Bitcoin closed out the past week with an impressive price surge resulting in a net 9.30% gain. During this price rally, Santiment reports a significant network development with bullish indications for the largest cryptocurrency.
In a new post on X, prominent blockchain analytics firm Santiment provided a live update on the Bitcoin market amid the current uptrend. Notably, Bitcoin produced another robust positive trading week making a near full-price rebound from its correction in late December.
The BTC market was particularly bullish on Friday as prices surged by over 7% to trade as high as $105,970. Interstingly, Santiment reports that the number of whale wallets holding at least 100 BTC had increased to 17,799 right before Bitcoin hit this one-month high price milestone.
This development is particularly important as an increase in Bitcoin whales signals accumulation which is a common bullish signal. Considering that this accumulation is occurring in price zones near Bitcoin’s current all-time of 108,268, it can be inferred that large BTC holders are highly expectant of significant price gains leading to a new price discovery.
Interestingly, this trend supports the presently strong bullish sentiments around Bitcoin driven by multiple factors most notably expectations of US pro-crypto policies.
With the inauguration of Donald Trump less than three days away, investors are hopeful the Republican will implement his promises to the crypto community which include but are not limited to the national Bitcoin reserve, and the overturn of the SAB 121 policy among others.
In addition, BTC investors are also bullish on the performances of the Spot Bitcoin ETFs following an impressive debut year during which they recorded $37.10 billion in net cumulative total net inflow. For 2025, the President of the ETF Store, Nate Geraci predicts the Spot Bitcoin ETFs will permanently accumulate more net assets than physical gold ETFs, which would translate to significant gains for the premier cryptocurrency in terms of price and adoption.
At the time of writing, Bitcoin was trading at $104,174 following a 3.19% price increase in the past 24 hours. On the same positive note, the asset’s daily trading volume currently stands at $65.88 billion following its 16.27% gain.
Investors should note that Bitcoin’s relative strength index is currently at 69.16 heading for the overbought zone. Therefore, there is potential for a reversal soon. With a market cap of 2.06 trillion, Bitcoin remains the largest digital asset accounting for 56.4% of the total crypto market cap.
Related Reading: Bitcoin At Risk Of Supply Shock As ETF Issues Buy More BTC Than Was Produced In December
[#item_full_content]NewsBTCRead MoreWith the current odds at 65%, the likelihood of a Strategic Bitcoin Reserve being created…
Bitcoin is trading near the $103,000 level following a highly bullish Friday that has energized…
El Salvador shook the world in 2021 when President Nayib Bukele made bitcoin (BTC) legal…
Data shows the cryptocurrency derivatives sector has seen a large amount of liquidations in the…
Bitcoin (BTC) has shown notable recovery since this week began, climbing back above $100,000 and…
As Bitcoin (BTC) surges past $100,000 once again, edging closer to a new all-time high…