Bitcoin Gains Momentum at $47K as Whales Move In
  The latest moves in crypto markets, in context By the CoinDesk Markets Team Edited by Bradley Keoun, Managing Editor, Markets September 16, 2021 Sponsored by  (Price data as of September 16 @ 11:00 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.
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Market Moves by Omkar Godbole Bitcoin's latest breakout above key resistance is backed by renewed interest from large investors, blockchain metrics show.
Per data tracked by analytics firm IntoTheBlock, aggregated daily volume measured in U.S. dollars from on-chain transactions, where each transaction was greater than $100,000, surged to a record $480 billion on Wednesday. In bitcoin terms, the so-called large transaction volume hit a two-year high of over 10 million BTC.
"Institutional activity for bitcoin is picking up momentum as the volume in transactions over $100,000 is setting new highs," Lucas Outumuro, head of research at analytics firm IntoTheBlock, told CoinDesk in a Telegram chat.
While every large transaction does not necessarily represent purchases by institutions or high net worth individuals, the steady uptrend in volume since early August, coupled with the uptick in the balance held by whales and the price recovery, suggests renewed adoption by large investors.
Data tracked by Glassnode and tweeted by William Clemente, lead insights analyst at Blockware Solutions, shows whales or entities holding at least 1,000 BTC have accumulated more than 50,000 BTC this month.
Meanwhile, data shared by Santiment shows the supply held by millionaires list or addresses owning 10,000 to 100,000 coins has gone up 60,000 BTC in the past three days alone. IntoTheBlock's Outumoru also confirmed a pick up in whale demand, saying "addresses with over 1,000 BTC are accumulating."
With strong hands backing the recent rise above the 200-day moving average at $46,000, the path of least resistance appears to be on the higher side.  Large transactions on the Bitcoin blockchain surged to a record on Wednesday. (Source: IntoTheBlock) Read the original story here: Bitcoin's Blockchain Data Indicates Renewed Institutional Appetite But Macro Risks Prevail
Technician's Take by Damanick Dantes, CMT 
Bitcoin (BTC) is roughly flat over the past 24 hours as upside momentum wanes over the short-term. The cryptocurrency was trading around $47,000 at press time and support is nearby around the $46,000 price level.
There is strong resistance near $50,000, which can limit upside moves. However, buyers will likely defend lower support levels as BTC consolidates.
 Bitcoin four-hour chart. (TradingView, CoinDesk) Read the original story here: Bitcoin Pulls Back Ahead of $50K Resistance; Support at $46K
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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