Data: The number of Bitcoin whales hits a new high

Bitcoin is stronger than it was a few years ago, and the bulls are currently struggling to break the $13,200 resistance level in order to sustain its recent momentum.

The current strength continues following the bullish weekly close. Importantly, last week’s close was the first consecutive session above $11,700 since early 2018. If this level is converted into support, it could serve as a strong base from which to see greater momentum in the days and weeks ahead.

It looks like a hoarding trend among large buyers may be driving this strength, as the number of Bitcoin wallet addresses holding more than 1,000 BTC just hit a new all-time high.

Big buyers’ accumulation drives BTC up

One potential skeptic behind the recent Bitcoin uptrend could be the big buyers who have accumulated large positions in the cryptocurrency.

Speaking about wallet addresses holding 1,000 BTC or more, data aggregator Unfolded explained that the number of these wallets just hit a new all-time high.

“Bitcoin addresses with balances greater than or equal to 1,000 BTC hit a new all-time high,” Unfolded said in a data chart provided to Glassnode.