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According to the latest data from the cryptocurrency analytics company Santiment, Bitcoin (BTC) is trading just above $66,100 and showing resilience even as small investors liquidate their tokens. This trend of small wallets transferring their BTC to larger wallets can historically be seen as a positive and bullish indicator for the cryptocurrency.
Critical Data on Bitcoin
Last week, 182,200 significant investors with less than 0.1 BTC in their wallets liquidated their positions. This behavior aligns with past patterns where small wallet capitulations preceded significant upward price movements. As small investors sell their tokens, larger, more experienced investors typically accumulate these funds, which can signal strong market confidence and potential price appreciation.
Santiment’s chart highlights a sharp decline in non-empty BTC wallets, marking the steepest drop since the period that reached an all-time high on March 14. Additionally, a 0.46% drop in assets in wallets holding less than 0.1 BTC underscores this trend. Bitcoin stands out for its pioneering role in the cryptocurrency space, robust security, and widespread recognition as digital gold. In the first three weeks of May, BTC experienced a significant upward trend, rising from $65,000 to $67,168, an 18.8% increase.
Support Level in FLOKI
Despite some uncertainty last weekend, Bitcoin maintained its position above the $66,000 threshold and is currently showing a 1.5% intraday gain. According to CoinMarketCap, Bitcoin’s market capitalization stands at $1.324 trillion, with trading volume increasing by 24% from the previous day to reach $22.8 billion. If the bullish momentum in Bitcoin continues, the price could surpass the $67,600 mark and pave the way for a rise to the previous high of $74,000. However, if the $67,600 resistance persists, Bitcoin might fall to around $60,000.
On the other hand, over the past six weeks, FLOKI’s price has shown a strong recovery marked by a series of higher lows forming an ascending trend line. This upward movement has increased the altcoin by 78%, from $0.00011 to $0.000198. However, with Bitcoin’s price stabilizing around $66,000, this meme token experienced a slight decline last week. If the selling pressure intensifies, FLOKI’s price could drop by 10% to retest the ascending support trend line at $0.00017. Keeping the price above this level is crucial for buyers to initiate a recovery bounce and potentially push the price above $0.00026.
