Key Points
- Bitcoin whales have accumulated over 47,000 BTC in 24 hours, following a post-halving price dip.
- The potential for Bitcoin’s weekly close to exceed $60,000 is being explored.
Bitcoin whales, defined as large wallets holding at least 100 BTC, have begun to accumulate Bitcoin (BTC) once more after a price dip post-halving.
Over 47,000 BTC, valued at more than $2.9 billion at current rates, has been accumulated by these whales, as observed by Ki Young Ju, the founder and CEO of CryptoQuant.
Whale Activity and Bitcoin Price
The data excludes wallets associated with centralized exchanges and mining companies. Although the metric does include spot Bitcoin exchange-traded funds (ETFs), they are not the cause of the current increase, according to CryptoQuant’s CEO.
Spot Bitcoin ETF inflows have, in fact, turned negative. The 11 U.S. Bitcoin ETFs have recorded over $871 million of negative net outflows this week, the largest week of outflows since their inception.
Bitcoin’s Potential Price Increase
The recent price decrease of Bitcoin was merely a “downside wick,” and a weekly close above the $60,000 mark could establish this psychological mark as new support, as per Rekt Capital, a prominent Bitcoin analyst.
According to historical chart patterns, Bitcoin could remain in the post-halving “danger zone” for another week.
The dovish Federal Reserve could also assist Bitcoin in gaining more upward momentum. The overall market sentiment improved due to the Fed showing signs of injecting liquidity into the economy.
Bitcoin traders should monitor the $60,000 mark closely. A drop below this level could liquidate over $700 million worth of leveraged long positions across all exchanges.
