Today, the overall cryptocurrency market has experienced a significant decline, including top cryptocurrencies like Bitcoin, Ethereum, Solana, and many others. However, Bitcoin alone seems to be recovering. This recovery is attributed to whales who saw an opportunity and massively accumulated Bitcoin when it fell more than 3%.
Whales purchase 20,000 Bitcoin in just 24 hours
According to the on-chain analytics firm Santiment, in the last 24 hours, Bitcoin whales bought the dip, purchasing over 20,000 Bitcoins worth $1.34 billion. This purchase occurred when Bitcoin’s price dropped below the $67,000 level. This information was also shared by a prominent trader and crypto analyst named Ali on X.
Following this massive accumulation, Bitcoin’s price surged and is now up by 1.25%, currently trading near the $68,700 level. In contrast, other top cryptocurrencies like Ethereum and Solana are still down by 3% and 4%, respectively. This divergence in performance highlights the unique dynamics at play within the cryptocurrency market, where Bitcoin often leads recovery trends due to its dominant position and broader acceptance.
Looking at Bitcoin’s performance over a longer period, in the last 7 days, its price has seen only a 3% upside move. Over the last 30 days, Bitcoin’s price is up by 6%. Additionally, the 24-hour trading volume has increased by 11% and currently stands near $39.2 billion, highlighting investors’ and traders’ interest in Bitcoin. This increased volume indicates strong market participation and can often precede further price movements.
Bitcoin technical analysis and key levels
Moreover, the U.S. has approved a spot Ethereum ETF (Exchange Traded Fund) today, marking a significant milestone in the cryptocurrency space. This development is expected to increase institutional interest and investment in Ethereum, which could drive its price higher. Analysts speculate that this approval might also positively impact the broader cryptocurrency market, potentially leading to a market-wide surge in the coming days.
According to expert technical analysis, Bitcoin is looking bullish and currently experiencing upside momentum after taking support from a strong demand zone at the $66,900 level. Given the upward move, there is a high probability that Bitcoin may hit $71,500 in the coming days and potentially create a new high.
Today, the overall cryptocurrency market has experienced a significant decline, including top cryptocurrencies like Bitcoin, Ethereum, Solana, and many others. However, Bitcoin alone seems to be recovering. This recovery is attributed to whales who saw an opportunity and massively accumulated Bitcoin when it fell more than 3%. Whales purchase 20,000 Bitcoin in just 24 hours […] Read MoreNews, Bitcoin, Crypto
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