Bitcoin rebounds from the low of $74,000 as whales increase their activity

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Bitcoin bouncing off the latest Low as it shows that on-chain data has witnessed a surge on the network.

Bitcoin Zila Transaction Count just saw a big spike

As analyst Ali Martinez pointed out in a new X post, whales have particularly increased activity during the recent price surge. The relevance metric here is the “whale transaction count” from analytics firm Santiment, which measures the total number of transfers that occur on the Bitcoin blockchain, which is valued above $1 million.

It is assumed that whale trade numbers will correspond to the activities of these huge investors, as only whale entities can move this massive amount in a single transaction.

A higher metric value means that the whales are moving more on the network. This trend may be a sign that interest around assets is rising within this important cohort.

Meanwhile, indicators that witnessed decline suggest that large traders may be distracting cryptocurrencies as they trade less.

Well, here’s the charts shared by analysts. This shows the trend in Bitcoin whale transaction counts over the past few weeks.

As seen in the graph above, Bitcoin Zilla transactions fell to a low level over the weekend, but following the price crash of BTC to start this new week, its value saw its activation. At the peak of this spike on Monday, the whale travel reached the 1,715 mark, which was quite worth it.

It is clear from the chart that a surge in whale activity has so far led to a recovery in cryptocurrency prices. Therefore, these large entities could move to capitalize on the price decline and help them drive rally.

That said, this indicator has cooled a bit today. This is a potential indication that whales may already be accumulating and occurring. Therefore, it is still unclear whether recovery will continue.

What could prove to be a precursor to bearishness is the fact that ancient Bitcoin had just been involved in the transaction. The charts shared by Cryptoquant community analyst Maartunn on X-Post Display have been dormant at 365 BTC since over a decade of travelling over the network.

The amount itself isn’t that big in the grand scheme of things, but in general, the ancient existence of silence breaking is not a positive sign for Bitcoin.