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$1.23 Billion in Bitcoin Moved in One Day: What Happened?
Tom Wabold Olajide
Bitcoin has been trading in a tight range since recovering from Monday’s lows of $58,414
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In a significant move on the cryptocurrency market, over $1.23 billion in Bitcoin was transferred to accumulation addresses in just one day. This substantial move, involving over 20,200 BTC, has caught the attention of analysts and investors.
Ali, cryptocurrency analyst, reported this massive influx of Bitcoin into accumulation addresses, which are usually associated with investors holding their assets for long-term value appreciation, rather than engaging in frequent trading.
The timing of this move is particularly noteworthy. It comes at a time when the market is facing a downturn, with prices falling across the board. Bitcoin price fell to $58,414 at the start of the week, the lowest since May 3.
This “dip” in value prompted short-term selling as traders and investors sought to cut their losses. However, in this case, a contrarian approach was taken, with a significant investment being made in Bitcoin, signaling belief that the market could recover.
Buying Bitcoin on the Downside?
According to Crypto Ali, the massive transfer could indicate that someone took advantage of the recent drop in Bitcoin’s price to make a significant purchase.
According to the chart presented by Ali, on June 27, over 20,200 BTC, worth $1.23 billion, were funneled into accumulation addresses. This type of behavior is commonly interpreted as a bullish signal, and the market’s reaction thereafter is closely watched.
Bitcoin it lost about 10% of its value in June. It temporarily hit $71,000 in early June, but has fallen steadily since then. Since March, the flagship cryptocurrency has been trapped in the $60,000 to $70,000 level.
At the time of writing, Bitcoin was down 0.26% at $60,916 and trading in a tight range after recovering from Monday’s lows of $58,414.
About the author
Tom Wabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analyzes and trading predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.