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Bitcoin Whale Buys 1,590 BTC Amid Price Flux, What’s Next?
Amid highly turbulent price action illustrated by Bitcoin over the past 24 hours, a whale was recorded accumulating a staggering 1,590 BTC on Binance, one of the world’s leading crypto exchanges. This transaction added to prevailing market sentiments of a post-halving bull run looming on the crypto horizon.
Notably, Bitcoin continues to experience highly volatile price action following the April halving event as it enters a “reaccumulation” phase. However, the colossal transaction mentioned above suggested that the long-awaited price recovery may not be far away.
Bitcoin Whale Accumulation Fuels Market Optimism
According to the insights offered by Lookonchain, an on-chain analytics platform, 1,590 BTC, worth $106.8 million, was accumulated through a series of transactions in the last 24 hours. Interestingly, all of these accumulations were made by the unknown wallet address 124BPp9mT…
This phenomenon projected a ray of market optimism about future Bitcoin price movements. Meanwhile, recent data from Into The Block pointed out that addresses holding more than 1K BTC have also increased, mainly attributed to the launch of Bitcoin ETF.
While the factors mentioned above, such as whale accumulation and the increase in addresses holding large amounts of BTC, suggest a significant increase in Bitcoin buying pressure, it is important to note that BTC’s short-term outlook is still uncertain. The token is currently in the reaccumulation phase, which could lead to greater price volatility.
Read too: Bitcoin Maxi Highlights 5 Reasons Why BTC Will Hit $70K Next Week
Bitcoin price fluctuates
At the time of writing, BTC Price it 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 reveals that the token’s price has been quite dynamic today, with its 24-hour lows and highs recorded at $66,663.50 and $67,694.30, respectively.
Coinglass data showed a 0.31% increase in BTC OI, followed by a 27.49% drop in derivatives volume. This data further rationalizes the current volatility of the BTC market, shrouding the token’s future price movements in uncertainty.
Furthermore, the RSI remained at 58, signaling that the token is neither overbought nor oversold, with some positive pressure on the broader crypto market.
Read too: 5 Altcoin Trends That Are Worth It