Bitcoin Whale Addresses Taps 12-Month High Amid Russia-Ukraine Crisis

Updated:

The ongoing conflict between Russia and Ukraine has drawn a lot of attention to Bitcoin (BTC) and the cryptocurrency industry as a whole.

On one hand, the Ukrainian government has turned to crypto as its preferred tool for donations because of its universal and borderless nature, and the transparency cryptocurrency brings to the donation space. On the other hand, Russia has become more pro-crypto as a way to maneuver the numerous sanctions and blockades mounted against them by western leaders.

Notably, Bitcoin addresses holding between 1,000 to 10,000 BTC (millionaire-tier whale accounts) have jumped significantly since the start of the war, indicating that institutional investors recognize crypto as a hedge. Analytics provider Santiment reported that the number of whale accounts has increased by 9% since the war broke out. The platform revealed that there are over 2,200 millionaire-tier whale addresses at the moment, the highest on record in twelve months. Notably, the whale accumulation practice appears to be a notable trigger for the immense price boost in the market.

Analyzing this market behavior, analysts highlighted that in April 2021, we recorded a significant drop in whale address count. This matched with the $64,000 peak in BTC price, followed by a decline to a five-month low of $30,000.

Key Bitcoin Levels to Watch — March 29

Following a one-week parabolic run in an unprecedented turn of events, Bitcoin has tapped the $48,000 mark, printing a new 2022 high after hitting $48,217 yesterday. However, the primary cryptocurrency currently lacks the composure to sustain a break above the $48,000 barrier as retrace looms.

BTCUSD 2022 03 29 17 01 40.png
BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

Following two rejections from the critical resistance line, BTC now sits atop the $47,000 support but shows the likelihood of a bearish continuation to the $46,000 pivot top in the coming days. That said, this does not eliminate the possibility of a bullish overnight spike to the $49,000 axis in the Asian session amid heavy buying.

Regardless, the cryptocurrency will close the month’s candle on a positive tone, which should inspire a bullish continuation in the medium term.

Meanwhile, my resistance levels are at $48,000, $49,000, and $50,000, and my key support levels are at $46,300, $43,000, and $42,000.

Total Market Capitalization: $2.13 trillion

Bitcoin Market Capitalization: $892.7 billion

Bitcoin Dominance: 42%

Market Rank: #1

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.