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Bitcoin Whale Buys 1,590 BTC Amid Price Flux, What’s Next? – Crypto News

Published

1 year ago

May 19, 2024

Dripp

Amid a highly turbulent price action illustrated by Bitcoin in the past 24 hours, a whale has been recorded accumulating a staggering 1,590 BTC from Binance, one of the world’s leading crypto exchanges. This transaction has added to the prevailing market sentiments of a post-halving bull run looming over the crypto horizon.

Notably, Bitcoin continues to experience a highly volatile price action following its halving event in April, as it entered into a “re-accumulation” phase. However, the colossal transaction mentioned above hinted that the much-anticipated price rally might 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 via a series of transactions in the past 24 hours. Intriguingly, all these accumulations were done by the unknown wallet address 124BPp9mT…

This phenomenon has projected a ray of market optimism on Bitcoin’s future price movements. Meanwhile, recent data by Into The Block pointed out that addresses with over 1K BTC have also increased, primarily attributed to the launch of BTC ETFs.

While the factors mentioned above, such as the whale accumulation and the increase in addresses that hold massive amounts of BTC, suggest a significant increase in buying pressure for Bitcoin, it’s 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 volatility.

Also Read: Bitcoin Maxi Spotlights 5 Reasons Why BTC Will Hit $70K Next Week

Bitcoin Price Fluctuates

At the time of writing, BTC’s price has declined slightly by 0.17% over the past 24 hours and is currently trading at $66,909. A closer look at Coinmarketcap’s 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 showcased a 0.31% increase in BTC’s OI, followed by a derivatives volume plunge of 27.49%. This data further rationalizes BTC’s current market volatility, shrouding the token’s future price movements in uncertainty.

Besides, the RSI rested at 58, signaling that the token is neither overbought nor oversold, with some upside pressure in the broader crypto market.

Also Read: 5 Trending Altcoins Worth The Hype

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