Bitcoin

Bull Market

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) price is showing resilience, surpassing $71,000 amid market volatility.</li>
 <li>Shifts in Bitcoin ownership observed, with old whales selling to new institutional entities.</li>
</ul>
<p>Bitcoin’s price has been on the rise again, reaching over $71,000 despite the current market volatility.</p>
<p>This resurgence in BTC price action comes after a period of flash volatility. The day prior, a legal dispute between US exchange Coinbase and the Securities and Exchange Commission (SEC) caused Bitcoin to drop below the crucial $69,000 support level.</p>
<h2 id="market-dynamics-and-price-predictions">Market Dynamics and Price Predictions</h2>
<p>However, the downturn didn’t last long as buyers stepped in, sparking an ongoing attempt to reclaim liquidity near all-time highs.</p>
<p>A well-known trader, Skew, cautioned that manipulative liquidity moves could lead to deceptive price behavior. He noted new bid support between $70,200 and $70,600, which was later removed from the Binance order book.</p>
<p>Daan Crypto Trades, another trader, speculated on where price discovery could lead Bitcoin if sellers are outmatched. He suggested that breaking the all-time high could result in Bitcoin reaching the low $80Ks shortly afterwards.</p>
<h2 id="shifts-in-bitcoin-ownership">Shifts in Bitcoin Ownership</h2>
<p>In addition to price action, there have been notable shifts in Bitcoin ownership. Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, pointed out a change in the behavior of Bitcoin’s largest holders.</p>
<p>He observed that long-term investors with significant exposure, often referred to as Bitcoin whales, were selling their coins. Meanwhile, new entities, primarily institutions, were steadily purchasing the supply.</p>
<p>According to Ki, US spot Bitcoin exchange-traded funds (ETFs) are removing hundreds of billions of dollars’ worth of BTC from the market every day. He concluded that old whales are selling Bitcoin to new institutional investors, not retail investors.</p>
<p>This shift in Bitcoin ownership has been clearly observed on-chain, and it could lead to a run-up to all-time highs, as seen in both the 2017 and 2021 bull markets. Despite new all-time highs, mainstream interest in Bitcoin has been trending downwards in recent weeks.</p>

Bitcoin Whales Mimic Bull Market Strategies with BTC Price Nearing $72K

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