Large-Scale Purchases on Binance and Coinbase Propel Bitcoin (BTC) Upward

Bitcoin has recently risen above the $90,000 mark, a movement attributed to significant purchases by major buyers, or 'whales', especially on Binance and Coinbase. CryptoQuant data shows these large-scale purchases correlate with each price increase, driving the market upward.

Despite recent bearish sentiment, the market has managed to shake off retail investors, leaving Bitcoin and altcoins in an oversold state, potentially setting up for further upward movement. Long-term holders (LTH), those who have held Bitcoin for over 155 days, have resumed accumulation, indicating strategic repositioning. In contrast, short-term holders (STH), holding Bitcoin for less than 155 days, continue to sell, indicating capitulation and lack of confidence.

The divergence between LTH accumulation and STH capitulation often signals the early stages of a re-accumulation phase, potentially laying the foundation for future price recovery.