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Cryptocurrency News Articles
Bitcoin (BTC) Price Rebounds Above $67,000 as Whales' Holdings Hit New Highs
Oct 25, 2024 at 01:01 am
Bitcoin's (BTC) price has swiftly recovered above $67,000, moving by 3% after dropping to a low of $65,200. Despite the recent drawdown, the metric tracking long-term Bitcoin accumulation sentiment did not change as BTC whales' holding reached new highs.
Bitcoin ( BTC ) price swiftly recovered above $67,000 on Monday, showing a 3% move to the upside after dropping to a low of $65,200. The second-ranked crypto asset dropped by 4% last week and began the week trading around the $64,000 to $65,000 support zone.
However, BTC price rebounded from the support level on Monday morning and surged past the $66,000 resistance. Bitcoin price then briefly topped out at $68,272 before pulling back.
Despite the recent drawdown, the metric tracking long-term Bitcoin accumulation sentiment showed no change as BTC whales' holding reached new highs.
Bitcoin whale balances show ‘optimistic’ long-term expectations
BaroVirtual, a verified Bitcoin researcher on CryptoQuant, highlighted that the current whale holding hit a new all-time high (ATH) at around 670,000 BTC. The chart shows a growing trend in 2024, with whales initially eclipsing their previous ATH holding level from 2020 in July.
Bitcoin whales holdings chart. Source: CryptoQuantSpeaking of the recent uptick in whale holdings, the researcher said that it is an optimistic long-term sign, adding:
“This time, it’s different. A new peak in the whales’ realized holding positional value (dotted line) usually coincides with the beginning of a sideways trend in BTC price, but it creates more demand in a bull market.”
Therefore, Bitcoin’s parabolic price rise occurs when the whales gradually reduce their holdings, and retail investors absorb the selling pressure from the market.
As previously reported by Cointelegraph, Bitcoin whale accumulation is currently similar to its 2020 trend. The Bitcoin whale ratio on spot exchanges had matched its previous high from 2020, with whale wallets accumulating over 1.5 million BTC in the past six months.
Bitcoin reclaims $67,000 as ETF inflows turn positive
On Oct. 22, Bitcoin ETF flows registered their first net negative of $79.1 million in two weeks after BTC price dropped 3% a day prior. But while the community expected a cool-down period from the institutions, data showed ETF inflows surging to $192.4 million on Oct. 23.
The positive inflows were observed on a negative daily candle for BTC, indicating continued bullish sentiment from institutions despite short-term declines.
Meanwhile, Moustache, an independent crypto analyst, highlighted Bitcoin’s golden moment indicator, which recently turned bullish.
The analyst said that the indicator has successfully called the beginning of a bullish leg four times in the past four years, making it a reliable tool.
Bitcoin golden moment indicator chart by Moustache. Source: X.comFrom a technical perspective, Bitcoin managed an immediate recovery above $67,000 after showing a V-pattern from the first orderblock or demand zone.
As Cointelegraph reported on Oct.23, the most bullish scenario for BTC was an immediate jump from $64,500 after the crypto asset mirrored July's ‘fractal’ pattern.
Bitcoin 4-hour chart. Source: Trading ViewAt the moment, BTC’s price action is unfolding as expected, but further bullish confirmation will be realized after a daily candle move above the overhead resistance at $67,800.
This article is for informational purposes only and should not be considered financial, investment, or other advice.
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