Bitcoin Whale Addresses Increase Accumulation Efforts Amid Russia-Ukraine Crisis

Updated:

Recent reports show that Bitcoin (BTC) whale accounts, large accounts holding at least 100 and 1,000 coins, have begun massively stacking up on BTC, once again.

Meanwhile, BTC accumulation wallets, active BTC accounts that have refused to sell their tokens, have hit a new record high.

The financial world has been rocked by a series of uncertainty-triggering events, which has impacted the crypto space significantly. Just as the financial world moved away from the impact of the COVID-19 pandemic and battled rising global inflation, the ongoing war between Russia and Ukraine has dealt a fresh uncertainty blow to the crypto industry.

Not surprisingly, the war, Europe’s first since world war 2, had a deterministic effect on Bitcoin and has caused severe price disruptions across the industry. Bitcoin’s ongoing price action is nothing short of a roller coaster.

The benchmark cryptocurrency enjoyed some windfall over the past few days following severe economic sanctions by the West against Russia due to its aggression against Ukraine, which has caused the Russian stock market and its currency, its economy, to plummet.

That said, Glassnode revealed that the number of BTC whale addresses holding between 100 to 1,000 coins skyrocketed around the same period of the aggressive sanctions.

Key Bitcoin Levels to Watch — March 3

BTC has refreshed its bearish sentiment after suffering a decisive rejection from the $44,000 – 45,000 resistance area yesterday, as the Russia-Ukraine war worsened after peace talks failed to yield agreements between both parties.

BTCUSD 2022 03 03 21 36 24.png
BTCUSD – 4-Hour Chart on Gemini. Source: TradingView

Notably, the bearish correction comes after BTC entered overbought conditions per my 4-hour MACD indicator.

The benchmark cryptocurrency now struggles to hold itself above the $42,000 support line as bears appear determined to drag the price towards $41,000. That said, steadfast support around the $42,000 area should help the cryptocurrency thwart bearish efforts and push again towards $44,000 before next week.

Meanwhile, my resistance levels are at $43,000, $44,000, and $45,000, and my key support levels are at $42,000, $41,000, and $40,000.

Total Market Capitalization: $1.86 trillion

Bitcoin Market Capitalization: $801 billion

Bitcoin Dominance: 43%

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.