Ethereum

Bitcoin

April

<p>Leading cryptocurrency Bitcoin (BTC)&nbsp;has experienced a significant rebound, surging past the $70,000 mark once more and aiming for a new record peak. At present, the price of Bitcoin stands at $70,606, reflecting a 5.5% increase, and boasts a market capitalization of $1.388 trillion. This resurgence coincides with Bitcoin exchange-traded funds (ETFs) registering net positive inflows following a period of robust outflows.</p> 
<h3 id="bitcoin-price-gearing-up-for-new-all-time-high">Bitcoin Price Gearing Up For New All-Time High?</h3> 
<p>In a recent analysis, QCP Capital noted that Bitcoin price might be gearing up to break its all-time highs and surge toward the coveted $100,000 level.</p> 
<p>The analysis points to strong topside momentum for BTC, noting that the cryptocurrency surged above $70,000 overnight. This movement was reportedly fueled by news that the London Stock Exchange plans to commence trading Exchange-Traded Notes (ETNs) for both Bitcoin and Ethereum (ETH) starting in May.</p> 
<p>Furthermore, <a rel="nofollow" href="https://t.me/QCPbroadcast/1176" target="_blank">QCP Capital</a> also added that barring a broader macro risk-off event, the next upward movement appears increasingly likely at this juncture.</p> 
<h3 id="bitcoin-undergoes-major-accumulation">Bitcoin Undergoes Major Accumulation</h3> 
<p>On-chain data provider Santiment reports a remarkable ascent in Bitcoin’s price to $70,000, surprising traders worldwide. The surge was due to a substantial accumulation of Bitcoin by key stakeholders, marking one of the largest accumulation days in recent memory.</p> 
<p>According to Santiment, wallets holding between 10 to 10,000 Bitcoin collectively acquired an astounding 51,959 Bitcoin on Sunday alone, representing 0.263% of the total available supply. This surge in accumulation comes as the cryptocurrency community approaches the final three weeks leading up to the halving event on April 19th. Nathanaël Cohen, co-founder at digital-asset hedge fund INDIGO Fund <a rel="nofollow" href="https://www.bnnbloomberg.ca/bitcoin-tops-70-000-again-after-slumping-on-us-etf-outflows-1.2051325" target="_blank">said</a>:</p> 
<blockquote>
 <p>“Even though ETF inflows have hit a drag, order books are loaded on the bid side around the 60k area, showing that the market is eager to buy the dip. You need to go get the liquidity at lower levels to then catch a bid and generate momentum to go higher”.</p>
</blockquote> 
<p>According to Bitcoin analyst PlanB, during each halving period spanning approximately 210,000 blocks, a bull market ensues, leading to a surge in the price of Bitcoin. It’s crucial to understand that these price surges are not indicative of bubbles but rather fundamental shifts, structural milestones, and phase transitions. This phenomenon is reflected in the realized price, which stabilizes before the next significant leap. Halvings are deemed critical events in the world of Bitcoin.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Every halving period (210,000 blocks, ~4y) there is a bull market in which bitcoin price pumps. Now listen carefully: these price pumps are NOT bubbles, but fundamental jumps, structural events, phase changes. You can see it in the realized price, which flattens, until the next… <a href="https://t.co/qIU1x6Bw7R">pic.twitter.com/qIU1x6Bw7R</a></p> 
 <p>— PlanB (@100trillionUSD) <a href="https://twitter.com/100trillionUSD/status/1771918936923148554?ref_src=twsrc%5Etfw">March 24, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>The post <a href="https://coingape.com/bitcoin-btc-price-jumps-past-70000-amid-huge-accumulation-before-halving/">Bitcoin (BTC) Price Surges Past $70,000 Amid Huge Accumulation Before Halving</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Bitcoin (BTC) Price Surges Past $70,000 Amid Huge Accumulation Before Halving

Table of Contents

Coingape News Media

Other articles published on Mar 26, 2024

Crypto News: Bitcoin's $70,000 Surge Sparks Altcoin Frenzy

What are NFT swap order scams, and how to avoid them?

ClayBro Reviews Fast-Selling Dogecoin-Themed Token Presale – Could This New Meme Coin Outpace Dog...

Top 3 Low-Cap Altcoins: $1,000 to $100,000 Potential

SEC Declares Binance A ‘Threat’, Imposes Access Restrictions On Philippine Users

Dogecoin Soars with New GigaWallet Initiative and Market Rally

Join our free newsletter for daily crypto updates!