Bitcoin experiences a surge, reaching its highest point in five weeks due to positive ETF flows. Despite recent price increases, whale activity suggests that accumulation is still taking place.
Bitcoin bulls have made a surprising comeback this week, defying downward trends since the beginning of the month. Yesterday, BTC reached a five-week high of $67,700. Over the past week, it has surged by 10.33%, and on a monthly basis, it has seen a 4% increase. Trading volume has also risen by 37%.
The surge in Bitcoin’s price can be attributed to positive ETF flows and new CPI data. Furthermore, the interest from major companies in various Bitcoin ETFs has played a role. Concerns about sell-offs during the halving period are also diminishing.
Whale activity has been another contributing factor. Recent reports have highlighted significant activity among Bitcoin whales, indicating an increase in accumulation despite the recent price rise of the cryptocurrency. One notable Bitcoin whale, identified by the wallet address “15cHR…cnHxv,” acquired 255 Bitcoin at an average price of around $65,116. This recent accumulation has brought the whale’s total holdings to approximately 23.09K Bitcoin, resulting in an estimated profit of nearly $986 million.
Additionally, there have been two other significant transactions. The wallet address “33ds4…Q1yCc” moved a substantial amount of 2,400 Bitcoin from the Coinbase exchange, while an unidentified whale, marked by the wallet address “bc1qv…m4jpf,” transferred 770 Bitcoins from Gemini.
At present, Bitcoin is trading at $67,130.69, experiencing a minor surge of 0.01%. Bitcoin’s dominance currently stands at 54.37%, marking a 0.03% increase over the day. The market appears to be slow today, with the global crypto market cap at $2.43T, reflecting a 0.07% decrease over the last day.
The daily chart reveals that Bitcoin is currently on a bullish trend, with the 9-D EMA at $65,376. The daily RSI sits at 58, indicating a neutral situation. If the Bitcoin bulls continue their momentum, the price might reach $68,321 as the next step towards $69,094. However, if the bears take control, the price could drop to $64,654, with the lower support level at $59,529.
Highlighted Crypto News Today:
Prominent investor Peter Schiff declares Bitcoin as “dead” and highlights silver’s outperformance.
