Bitcoin (BTC) price has continued to trade lower, especially after falling below the $66,000 support level as of late. At the time of writing, the price of Bitcoin is below 0.52% in 24 hours to $65,394.73.
Bitcoin (BTC) price has continued to trade lower, especially after falling below the $66,000 support level as of late. At the time of writing, the price of Bitcoin is below 0.52% in 24 hours to $65,394.73.
Unusual whale accumulation signals imminent rebound
For most of this month, the price of Bitcoin has not been entirely positive. Over the past month, it has fallen 2.70% to $64,597.24. Amid these headwinds, there could be a rebound momentum in sight for the currency.
Alex DovbnyaAccording According to top market analyst Ali Martinez, a total of 12,700 BTC were sent to accumulation addresses in the last 24 hours. This sum is worth around $840 million and reflects data from cryptanalysis platform IntoTheBlock showing an increase in large transactions.
According to data from IntoTheBlock, large transactions have skyrocketed 67.74% in 24 hours to $49.02 billion. This rising Bitcoin metric is an indication that trust is already returning to the ecosystem. After an intense price drop, there could be a sudden revival of the leading digital currency.
Detect the influence of the Bitcoin ETF
Amid inconsistency in retail Bitcoin trading, corporate investors have slowed the pace in adopting spot BTC ETF products over the past week.
Yuri MolchanWhile there were a couple of outflows last week, the slight inflows of late are setting this asset class apart. As Bitcoin price attempts to recover, it is also worth watching other major macroeconomic headwinds, such as the US Federal Reserve’s interest rate policies.
Overall, Bitcoin price is approximately 11% below its previous all-time high (ATH) of $73,750.07, a price that serves as an immediate target in the near future.
