Bitcoin Whales Acquire Nearly $1 Billion BTC Amidst Price Stagnation

Bitcoin Whales Acquire Nearly $1 Billion BTC Amidst Price Stagnation
фото показано с : zycrypto.com

2024-5-10 00:05

Bitcoin has shown remarkable resilience amidst a history of price fluctuations in recent weeks. Notably, on 14th March, Bitcoin surged as high as $71,827 ahead of the halving event. However, since the beginning of May, the leading crypto asset has faced a notable downturn, dropping to as low as $57,000 towards the end of last month.

Nevertheless, despite this volatility, Bitcoin appears to have entered a phase of relative stability. Its price hovers between $61,000 and $64,000, showing minimal volatility compared to its past erratic movements. This period of price stagnation hints at a temporary balance in the market, with neither bullish nor bearish sentiments dominating.

That said, while some investors interpret this as a precursor to a potential price swing, others see it as an opportunity for strategic accumulation. On Wednesday, popular crypto analytics platform Santiment highlighted how Bitcoin whales have made significant accumulation moves following the recent price dip.

“As Bitcoin ranges tightly between $61,000 and $64,000, large whales have made some accumulation moves over the past 24 hours. Wallets with 1,000-10,000 BTC have collectively accumulated $941 million worth of coins, rebounding to their highest holding level in 2 weeks,” tweeted Santiment.

Notably, Santiment’s late finding aligns with previous reports indicating a similar trend. On May 3, Santiment reported how Bitcoin whales accumulated over 47,000 BTC (over the past 24 hours), demonstrating resilience amidst market fluctuations. The consistent accumulation by large holders amidst market uncertainty underscores their confidence in Bitcoin’s long-term viability and resilience.

That said, indicators like the MVRV 90-Day Ratio technically suggest that Bitcoin remains in an attractive buy zone, further bolstering investor sentiment. Ki Young Ju, CEO of Cryptoquant, also chimed in on Bitcoin’s current state, highlighting Bitcoin’s robust network fundamentals and suggesting a potential market cap three times its current size.

“Bitcoin network fundamentals could support a market cap three times its current size compared to the last cyclical top, potentially sustaining a price of $265K,” wrote Ju.

Elsewhere, Glassnode analysts “Negentropic” also echoed optimism, suggesting that Bitcoin is primed for further upward movement. According to the experts, last week’s “reversal candle,” coupled with its movement back into the Pennant Structure, indicates a potential breakout.

“BTC still looks like it is about to BLOW higher! Last week’s candle was a Reversal Candle – a Hammer with a long Wick. Price moved back into the Pennant Structure. This candle still dominates the structure. This week’s pullback hence seems like healthy Correction before higher. Correction often pulls back either 50% or 61.8% of the previous Impulse move.” They wrote on Thursday. 

Bitcoin was trading at $62,623 at press time, reflecting a 1.85% surge over the past 24 hours.

origin »

Bitcoin (BTC) на Currencies.ru

$ 98781.16 (+0.36%)
Объем 24H $32.338b
Изменеия 24h: 1.53 %, 7d: 1.82 %
Cегодня L: $98100.8 - H: $98781.16
Капитализация $1958.554b Rank 1
Цена в час новости $ 62881.8 (57.09%)

bitcoin price whales made significant highlighted accumulation

bitcoin price → Результатов: 126


The Fed is expected to cut interest rates twice in 2025, what might this mean for the Bitcoin price?

The cryptocurrency market has gone mainstream. It is no longer retail investors’ assets as institutions globally are investing in Bitcoin and other major cryptocurrencies.   As a risk-based asset, Bitcoin’s price is affected by central bank policies, especially those from the United States Federal Reserve.

2025-2-18 15:05


Bitcoin Price Remains Bullish As Monthly Stochastic Sits Above 80, Here’s Why

The Bitcoin price has struggled to break above the $100,000 threshold decisively over the past four weeks, largely fluctuating within the $90,000 to $100,000 range. This correction and lackluster price action have caused a degree of bearish sentiment among traders, with some speculating that Bitcoin might have already reached its peak for the current cycle. […]

2025-1-15 18:30


Extremely Bullish 88-Day Structure Appears On Bitcoin Price Chart After Hitting $105,000 ATH

The Bitcoin price has continued its foray above the $100,000 threshold and is currently trading around new all-time highs. Following its recent surge to an all-time high (ATH) above $106,000, the Bitcoin price has played out an interesting pattern on the 1-day candlestick timeframe, which points to an extremely bullish outlook for the leading cryptocurrency.

2024-12-16 11:30


Are Bitcoin Whales Still Holding For Higher Profit? This On-Chain Signal Suggests So

The Bitcoin price performance in 2024 is one for the history books, with the premier cryptocurrency crossing the $100,000 mark for the first time ever. However, hitting this milestone opened the door to another conversation — when will the market top be in? As a result, several predictions of the Bitcoin price top have emerged […]

2024-12-15 12:30