Bitcoin (BTC) is still moving sideways as whales continue accumulating the supply in the meantime.
According to on-chain data provider Santiment, Bitcoin millionaire-tier whale addresses accumulates about 60,000 Bitcoins over the past week.
So, the data provider notes
“If you’ve been waiting for #Bitcoin whales to show signs of accumulation,…”
“our data indicates it’s happening once again. In the past week, a total 59k $BTC has been…”
“added to addresses that hold between 100 to 10k $BTC. This is 0.29% of the total supply.”
Furthermore, another popular analyst Will Clemente notes there’s clear signs of bullish divergence. That’s, between the Bitcoin supply moving to strong hands and the BTC price.
“Over the last two weeks, clear bullish divergence between…”
“BTC supply moving to strong hands and price.” pic.twitter.com/6jeairtXX8
— Will Clemente (@WClementeIII) November 24, 2021
Bitcoin Now In Oversold Territory
So, Bitcoin (BTC) price continues trading sideways around $56,000 levels. Then, crypto analyst Philip Swift notes a bull flag on Bitcoin’s Advanced NVT Signal.
More so, The Advance NVT uses Bitcoin’s market cap and its network volume to dictate the extent of overselling on Bitcoin.
Additionally, the Advanced Bitcoin NVT is the total BTC marketcap in division by the 90-day moving average of the network transaction volume.
So, Swift explains in tweet.
“Advanced NVT (blue line) has now dropped deep into oversold territory (green bands)…”
“#Bitcoin is looking seriously cheap relative to network activity here on high time frames…”
“Expecting a strong reaction in the not too distant future.”