Bitcoin

April

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin rebounds and reclaims the $71,000 price level after one of the largest accumulation days in years.</li>
 <li>Bitcoin’s pre-halving retrace may be over, with large-scale accumulation by key stakeholders.</li>
</ul>
<p>Bitcoin has bounced back, reaching the $71,000 price mark, following one of the most significant accumulation days in recent years.</p>
<p>On March 25, Santiment, a blockchain analytics firm, reported an unexpected rebound in Bitcoin. The firm pointed out that “key stakeholders” had a significant accumulation day over the weekend.</p>
<h2 id="accumulation-by-sharks-and-whales">Accumulation by ‘Sharks’ and ‘Whales’</h2>
<p>Wallets, referred to as ‘sharks’ and ‘whales’, holding between 10 and 10,000 coins, accumulated 51,959 <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> on March 24. This accumulation was worth approximately $3.4 billion at the time, according to Santiment. The firm further noted that this amount equates to 0.263% of the total available supply being accumulated in one day.</p>
<p>As the Bitcoin halving approaches, expected to occur around April 19, it is anticipated that these wallets will continue to grow. This growth could have a positive impact on the market caps of cryptocurrencies.</p>
<h2 id="concerns-and-predictions">Concerns and Predictions</h2>
<p>Crypto analysts had expressed concerns about a more significant pre-halving retrace, assuming that history would repeat itself. However, BTC only fell around 17% from its March 14 all-time high of $73,738, dipping to $61,494 on March 20.</p>
<p>Technical analyst ‘Rekt Capital’ noted that if this is the end of the pre-halving retrace, Bitcoin will have almost matched the 2020 pre-halving retrace.</p>
<p>The analyst had previously predicted that this pre-halving retrace “would more likely be on the shallower side than on the deeper side” and could also be much shorter than has otherwise been the case historically.</p>
<p>On March 25, crypto research firm Kaiko reported on market volatility and last week’s dip. It revealed that after an analysis of buy and sell orders, “selling intensified following the U.S. market close.”</p>
<p>The firm concluded that “liquidity in the cryptocurrency market is not only fragmented across exchanges but also across trading pairs.”</p>
<p>At the time of writing, BTC was trading up 5.2% on the day at $70,252 after hitting an intraday high of $71,000 in late trading on March 25.</p>

Post-Halving Slump Ceases as 52K Bitcoins Amassed in Single Day

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