Despite the macroeconomic headwinds, the Bitcoin price has been holding up far better than the traditional markets in recent weeks. As Bitcoinist reported, Bitcoin showed strength just yesterday once again. As the US Federal Reserve sent rather hawkish signals during the FOMC presser, causing the S&P500 to plummet by 2.5%, BTC managed to hold above the psychologically important $20,000 mark. Bitcoin Whales Stacking Sats As the on-chain data indicates, whales may be responsible for the recent weeks’ performance. As an anonymous analyst wrote via Twitter, about 9 new addresses with 10,000 to 100,000 BTC have been created on the network since September 20, accumulating about 190,000 BTC worth about $3.8 billion. #Bitcoin | Since Sep. 20, around 9 new addresses holding 10,000 to 100,000 #BTC were created on the network, accumulating approximately 190,000 $BTC, worth $3.8 billion. pic.twitter.com/rkCJEdqtqz — Ali (@ali_charts) November 2, 2022 According to Glassnode data, there are now 104 addresses holding more than 10,000 BTC. In this respect, the arrival of nine new addresses is quite remarkable. Related Reading: On-Chain Data Suggests Bitcoin Bottom Comparable To Previous Cycles Only guesses can be made about the entities or individuals behind the addresses. Thus, it is not clear whether they are new investors investing in BTC for the first time or old friends continuing their accumulation on new addresses. Since these are only addresses, multiple addresses could also possibly belong to one entity. One pattern in recent weeks, however, stands out. While demand from the Asian market has dropped significantly, American investors are stepping in and accumulating Bitcoin. The Coinbase Premium Gap (14DMA) shows that since July 28, 2022, the main interest has come from U.S. traders, although the BTC price has been unstable and has been dropping repeatedly. Further analysis by Whalemap shows that whales have increased purchases of Bitcoin in the $19,000 to $19,400 range. The analytics firm estimates accumulation by whales in September at around 120,000 BTC. Therefore, this area should also serve as the closest support. Has The BTC Price Bottomed? As NewsBTC reported, one of the leading on-chain data analysis firms, Glassnode, recently released a report stating that a number of metrics make a relatively consistent argument that the Bitcoin market has hit a bottom. According to the research, the current numbers are “almost textbook” comparable to previous cycle lows. Related Reading: Bitcoin Will Not Touch $100k Anytime Soon Says Economist Another trusted on-chain indicator, NUPL (Net Unrealized Profit/Loss) also hints at a bottom formation. NUPL looks at the difference between unrealized profit and unrealized loss to determine whether the network as a whole is currently in a profit or loss situation. The anonymous analyst states in this regard: Is the #Bitcoin bottom in? In the last 2 bear cycles, NUPL alerted market sentiment dropped from “fear” into “capitulation.” These 2 events marked the $BTC market bottom of 2018 & 2020. Market sentiment is currently in the capitulation phase since the drop from $30K to $17K. According to TA, a convincing move for Bitcoin requires a close above the 7-week high at just over $21,000. At the time of going to press, the Bitcoin price was not yet able to breach the 100-day moving average at $20.775. The long-term trend indicator, the 200-day moving average, is quite far away and sits just above $24,200.