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12,700 Bitcoin (BTC) in 24 hours, what’s happening?
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Bitcoin (BTC) price has continued to decline, especially after falling below the $66,000 support level as of late. At the time of writing, the price of Bitcoin is below by 0.52% in 24 hours to $65,394.73.
The unusual accumulation of whales signals a recovery to come
For much of this month, the price of Bitcoin has not been all positive. Over the past month, it has fallen 2.70% to $64,597.24. Amidst these headwinds, there may be a rebound thrust in view of the coin.
Second According to leading market analyst Ali Martinez, a total of 12,700 BTC was sent to accumulation addresses in the last 24 hours. This sum is worth approximately $840 million and reflects information provided by crypto analytics platform IntoTheBlock showing an increase in large transactions.
According to data from IntoTheBlock, large transactions increased by 67.74% in 24 hours to reach $49.02 billion. This rising Bitcoin indicator indicates that confidence is already returning to the ecosystem. After an intense price drop, there may be a sudden revival in the preparation of the leading digital currency.
Identify the influence of the Bitcoin ETF
Amid the inconsistency in Retail-focused Bitcoin tradingCorporate investors have slowed their pace of adopting BTC spot ETF products over the past week.
Although a couple of outflows were recorded last week, the slight influx recorded in recent times is distinguishing this asset class. As the price of Bitcoin makes focused attempts towards recovery, it is also worth keeping an eye on other major macroeconomic headwinds such as the US Federal Reserve’s interest rate policies.
Overall, Bitcoin price is about 11% lower than its previous all-time high (ATH) of $73,750.07, a price that serves as an immediate target in the near future.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.