Bitcoin Whale Bought 1,590 BTC Amid Price Swing, What’s Next?
Amidst Bitcoin’s rather turbulent price movement over the last 24 hours, a whale was recorded to have accumulated a staggering 1,590 BTC from Binance, one of the world’s leading crypto exchanges. This transaction contributed to prevailing market perceptions of the post-halving bull run looming on the crypto horizon.
Bitcoin, in particular, continues to experience highly volatile price movement as it enters a “reaccumulation” phase following the halving event in April. However, the huge transaction mentioned above signaled that the highly anticipated price increase may not be far away.
Bitcoin Whale Accumulation Increases Market optimism
According to information provided by on-chain analysis platform Lookonchain, 1,590 BTC worth $106.8 million was accumulated through a series of transactions in the last 24 hours. Interestingly, all these savings were made by the unknown wallet address 124BPp9mT…
This phenomenon reflected a glimmer of market optimism regarding Bitcoin’s future price movements. Meanwhile, Into The Block’s latest data noted that addresses with more than 1,000 BTC are also increasing; This is primarily attributed to the launch of BTC ETFs.
While the above-mentioned factors such as whale accumulation and the increase in addresses holding large amounts of BTC indicate a significant increase in buying pressure for Bitcoin, it is important to note that BTC’s short-term prospects are still uncertain. The token is currently in a re-accumulation phase, which could potentially lead to further price fluctuation.
Also Read: Bitcoin Maxi Highlights 5 Reasons Why BTC Could Hit $70K Next Week
Bitcoin Price Fluctuates
At the time of writing, BTC’s price has fallen slightly by 0.17% in the last 24 hours and is currently trading at $66,909. A closer look at the Coinmarketcap charts shows that the token price is quite dynamic today, with 24-hour lows and highs recorded at $66,663.50 and $67,694.30 respectively.
Coinglass data showed a 0.31% increase in BTC’s OI, followed by a 27.49% decrease in derivative volume. This data further rationalizes BTC’s current market volatility, shrouding the token’s future price movements with uncertainty.
Additionally, the RSI remained at 58, signaling that the cryptocurrency is neither overbought nor oversold, creating some upward pressure in the broader crypto market.
Also Read: 5 Trending Altcoins Worth the Excitement
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