Bitcoin has reached the significant level of $38,300 for the first time since May 5, 2022. There are different approaches regarding the reasons behind this increase. Additionally, the factor that will push the Bitcoin price to $40,000 has been revealed. This information has been announced by the cryptocurrency analysis company Santiment, emphasizing Tether (USDT) whales in particular.
Santiment identifies Tether whales as the driving force behind the increase in Bitcoin price. According to Santiment, a total of $1.67 billion has been injected into the market by the top 100 Tether addresses in the past six months, which has significantly contributed to the rise in Bitcoin price.
The continuation of Tether whales’ buying power, especially on Tether (USDT), increases the expectations that the cryptocurrency will soon surpass $40,000. The influence of Tether whales has become more apparent during Bitcoin’s recent rally.
The increase in Tether’s buying power is considered an important indicator for Bitcoin to surpass the $40,000 mark. If this trend continues, it will demonstrate an increase in investor confidence in the market and pave the way for further upward momentum for Bitcoin in the coming weeks.
Looking at the current status of Bitcoin price, it has surpassed the $38,000 resistance level twice today but later dropped below this level. At the time of writing, Bitcoin is trading at $37,825. It is reported that these volatile movements in Bitcoin have led to significant liquidations in both short and long positions.