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Bitcoin, for the first time since May 5, 2022, made a significant leap by reaching $38,300. There are different approaches regarding the reasons behind this increase. Additionally, the driving factor that will bring the Bitcoin price to $40,000 has been revealed. The announcement was made by the cryptocurrency analysis company Santiment, with a particular emphasis on Tether (USDT) whales.
Santiment: Tether Whales Supporting Bitcoin’s Surge
According to Santiment, the driving force behind the increase and Bitcoin’s journey towards $40,000 is Tether whales. According to Santiment, the increase in Bitcoin price is attributed to a significant contribution from the top 100 Tether addresses that have injected a total of $1.67 billion into the market in the past six months.
The continuation of buying power by Tether whales, especially in Tether (USDT), increases the expectations that the cryptocurrency will soon surpass $40,000. In the midst of Bitcoin’s recent rally, the influence of Tether whales has become increasingly evident.
The increase in Tether’s buying power is a significant indicator for Bitcoin to break the $40,000 barrier. If this trend continues, it will signify an increasing investor confidence in the market and potentially pave the way for further upward momentum for Bitcoin in the coming weeks.
Current Status of Bitcoin Price
Looking at cryptocurrency Bitcoin, we have seen that it surpassed the $38,000 resistance level twice today. However, the price subsequently dropped below the $38,000 level. At the time of writing, it is trading at $37,825. These back and forth movements in Bitcoin have reportedly led to significant liquidations in short and long positions.
According to Coinglass data, we can see that $27.55 million worth of liquidations occurred in Bitcoin in the last 24 hours. This situation is interpreted as Bitcoin solidifying its position in the market. Clearing positions both below and above the price increase is significant.
In conclusion, Santiment closely monitors the interaction between Tether whales and Bitcoin’s price movements. According to the cryptocurrency analysis company, the expectation for Bitcoin to surpass $40,000 is fueled by the ongoing capital inflow from these influential Tether holders. As the market evolves, the collaboration between the performance of Bitcoin and Tether (USDT) whale activity is likely to shape the cryptocurrency landscape in the short term.
