Tech
Bitcoin Whales Accumulate $636 Million Worth of BTC; Will it surpass its all-time high?
On Tuesday, Bitcoin whales entered an aggressive phase accumulation phase, raising $636 million worth of BTC tokens. This massive whale activity came on the heels of a surge in the price of Bitcoin, which surpassed $71,500 on Tuesday, May 21.
This increase in whale accumulation is likely a result of fear of missing out (FOMO) among investors anticipating a significant rally following the SEC’s approval of the spot ETH ETF.
Bitcoin whales enter the accumulation phase with massive transactions
According to a post X by the co-founder of Apollo Thomas Fahrer, whales purchased 8,958 BTC tokens in a single day. Over the past seven days, these whales have added another 12,058 BTC tokens to their portfolio, which, based on current market rates, amounts to approximately $840.32 million.
One of the drivers of the recent surge is the increase in inflows into Spot Bitcoin ETFs. There was a net inflow of $305.7 million for Spot ETFs on Tuesday, with BlackRock’s IBIT topping the charts.
While Bitcoin saw a significant increase yesterday, its price retreated slightly, dropping to $70,000 to 7:41 a.m. EST. However, despite the pullback, some analysts are still optimistic about the future price trajectory.
Well-known crypto analyst Ali Martinez predicted a notable increase for Bitcoin using the TD Sequential indicator on the one-hour chart. Based on his analysis, BTC is showing a buy signal. Therefore, it is likely to recover in the next few days.
Wings said his X followers to watch out for key BTC supply zones between $70,180 and $70,600. Over 450,000 addresses acquired 273,000 BTC in this area. He interpreted this as a buy signal, as strong support levels shift the odds in favor of the bulls.
Also, Ali declared that MVRV price ranges reveal Bitcoin trading above $65,125. Therefore, BTC’s next rally before another correction could move it to around $77,593. Based on this analysis, Ali remains optimistic about Bitcoin’s chances despite the current price collapse.
Will BTC recover its all-time high?
Bitcoin has slipped below $70,000 as some traders look to profit from its recent rally by selling their tokens. However, BTC found critical support at the $68,947 price level. However, it faces resistance at $70,925, and a break above this level will allow it to recapture its all-time high.
Despite the decline, BTC is still trading near the upper Donchian Channel (DC) band, which is a bullish sign. This implies that buyers are still active in the market and may revive the rally again in the coming days.
Furthermore, the RSI indicator is in the buy zone at 61.49 but may soon enter the overbought region. Therefore, given the ongoing buying momentum, BTC is likely to surpass $70,925 in the coming days and recapture the all-time high of $73,750.
However, remember that price volatility remains constant cryptocurrencyand investors must conduct appropriate risk assessments before trading.
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