Bitcoin trading volume has increased by 2% in the past 24 hours, signaling a potential recovery for the largest cryptocurrency. Despite a bearish trend since mid-June, with Bitcoin dropping below $58.5K due to selling pressure, recent price movements show a modest 2% increase and a corresponding rise in trading volume. Interestingly, this recovery coincides with a heated debate between President Biden and former President Trump, which hinted at discussions around cryptocurrencies that ultimately did not take place.
In addition to these market dynamics, there have been notable movements by Bitcoin whales and dormant wallets becoming active. A wallet that had been inactive for six years recently deposited 1,000 BTC (approximately $61.55 million) into Coinbase Prime. Furthermore, 9,500 BTC (around $587.1 million) was transferred between unknown wallets nine hours ago.
Another intriguing event occurred when a miner’s wallet, dormant for 14 years, deposited 50 BTC (approximately $3.05 million) into Binance. These 50 BTC were earned through mining on July 14, 2010.
Research indicates that whales have been accumulating BTC steadily since early 2023, following a significant sell-off in late 2022. This accumulation trend has often preceded price rallies. On a single day, holders controlling at least 0.1% of the total Bitcoin supply increased their holdings by 7,130 BTC, valued at around $436 million.
Data from IntoTheBlock reveals that on June 24th, when Bitcoin briefly dipped below $60,000, there was a notable surge in net inflows. Large holders took advantage of this dip by adding 7,130 BTC to their wallets, marking the highest net inflows since late May.
Despite these developments, Bitcoin’s price has not surpassed the first resistance level of $62K. The daily Relative Strength Index (RSI) currently stands at 35, indicating ongoing selling pressure.
In other news, the South American country Bolivia has lifted its four-year ban on Bitcoin, which could have significant implications for the adoption and use of cryptocurrencies in the region.