Bitcoin is showing some serious bullish signs lately, pushing towards the $113,000 mark after a period of uncertainty. This upward trend is happening alongside gains in other cryptocurrencies, suggesting the whole crypto market might be gearing up for something big. The next few days are crucial, especially with the Federal Reserve meeting looming – a potential interest rate cut could massively impact Bitcoin and other investments.
A Big Change in Bitcoin Ownership
Interestingly, the way Bitcoin is owned is changing. Analyst Maartunn points out a significant shift: fewer addresses hold over 1,000 BTC, while more addresses hold between 100 and 1,000 BTC. This means big players are selling off, and mid-sized players are buying up.
What This Means for Bitcoin
This “Big Fish Down, Medium Players Up” situation is a fundamental shift. Previously, a few whales controlled huge chunks of Bitcoin, leading to wild price swings based on their decisions. Now, with more medium-sized players (many linked to ETFs and institutional investors), the market is becoming more stable and less prone to dramatic shocks. ETFs, in particular, bring more transparency and regulation to Bitcoin ownership.
Institutional Investors Are Changing the Game
This cycle is different from previous ones. Institutional involvement – from US ETFs to Japanese treasury strategies – is huge. This is leading to steadier price increases and less dramatic crashes. It suggests Bitcoin is maturing, moving away from pure speculation towards more long-term, sustainable growth.
Bitcoin’s Price: A Look at the Charts
Bitcoin is currently trading around $112,902, recovering nicely after some volatility. It’s bouncing off support around $110,000 and trying to break through resistance near the 50-day moving average. A successful break could push it towards $115,000-$117,000. However, the 200-day moving average provides some short-term support around $112,000. The big resistance level remains at $123,217 (August’s high). The Fed’s decision will likely cause some volatility in the coming days.