Why Bitcoin Price Will Hit Above $70,000 Before Halving

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Smart Whale Nabs Colossal Profits As BTC Tops $73K – Crypto News

Published

2 years ago

March 13, 2024

Dripp

In what comes as a remarkable breakthrough for the world’s first-ever digital currency, Bitcoin, the token recently topped the $73K mark today, March 13, scaling a new ATH (All-Time-High) as of press time. With a pre-halving bullish sentiment prevailing within the broader crypto market for BTC, this pump sparked immense curiosity as on-chain insights unveiled by a tracker showcased a smart whale nabbing over $200 million in profit just prior to the abovementioned toping of the $73K mark.

This birthed immense bullishness among crypto market traders and investors globally as BTC continues to scale new heights amid the approaching Bitcoin halving. With sentiments of a crypto market bull run existing, derivatives data further hinted at an uptrend for BTC, fueling up the optimism birthed with the smart whale’s garnering of significant profits with BTC selloff.

Smart Whale’s Selloff: A Closer Look

According to the insights unveiled by the tracker Lookonchain, as the BTC price neared the $73K mark today, the smart whale going by the address bc1pj… deposited 100 BTC to Binance, one of the world’s leading exchanges, to garner profits. The address amassed a profit totaling $217 million with the aforementioned selloff, nabbing significant attention among crypto market investors. Whereas, this whale accumulated BTC as of August last year, and following the selloff, the address still held 4.3K NTC, worth $313 million.

This sparked optimism among traders and investors over Bitcoin’s potential to offer income to investors over time. Meanwhile, with the recent inception of the BTC ETFs further weighing in, Bitcoin continued making waves across the crypto horizon.

Also Read: XRP Price To Hit $2 By May Before Reaching ATH, Pro-XRP Lawyer Predicts

Bitcoin Price Jumps

As of writing, Bitcoin’s price noted an uptick of 2.19% over the past 24 hours and is currently trading at $73,260. As the token scaled a new ATH today, its market cap and 24-hour trading volume surged 2.16% and 16.66%, respectively.

Coinglass‘ data showcased a substantial spike in the token’s open interest and volume, jumping 2.89% and 28.82%. This added on to the bullishness painted by BTC, signaling an uptrend in the market when aligned with today’s price upswing. The OI-weighted funding rate bumping again, reaching $0.0635%, further underscored investors’ readiness to invest more in BTC long positions, birthing bullishness on the token. However, crypto market enthusiasts extensively eye the token for future price action shifts as RSI pointed out an overbought condition, illustrating a consolidatory phase might be imminent.

Also Read: Binance Announces Removal Of BNB & TUSD Spot Trading Pairs, What’s Happening