Bitcoin

April

when

Recently, on April 1, 2024, crypto giants added a massive 21,400 Bitcoins worth $1.4 billion amid negative market sentiment. However, this significant accumulation occurred at an average price of $71,200, highlighting investors’ and whales’ positive views toward the crypto market despite substantial price falls. Is this a good time to buy Bitcoin? 
In addition to the massiveBitcoin accumulation at a higher level, the current Bitcoin price is down by over 7% from the accumulation level. This suggests that investors and whales who bought this substantial BTC might be awaiting the biggest crypto event, the Bitcoin Halving, expected to occur on April 20, 2024. According to historical data, following Bitcoin’s halving, overall cryptocurrency, along with Bitcoin, experienced massive upside momentum. 
Currently, Bitcoin is trading near the $66,250 level, and in the last 24 hours, it experienced a decent upside momentum of 0.3%. If we look at Bitcoin’s performance over a longer period in the last 7 days, the overall Bitcoin price has dropped by 6.3%. Whereas in the last 30 days, it has remained in the same position.
In the ongoing bearish market sentiment, hedge funds and similar investors bet against Bitcoin by selling futures contracts when its price stopped rising. They did this because they expected the price to drop. These bets were the largest since Bitcoin futures started trading in late 2017, with each contract representing 5 bitcoins. When investors think an asset’s price will fall, they often sell futures contracts to make money from the drop or to protect themselves from potential losses. Bitcoin technical analysis and key levels 
According to expert technical analysis, <a href="https://news.todayq.com/bitcoin-set-to-pump-hard-post-halving-event-as-mining-firm-gears-up/" rel="noopener noreferrer nofollow">Bitcoin</a> on a weekly time frame is still bullish. This is because, on the weekly time frame, Bitcoin gave a weekly candle closing above $71,000, which happened for the first time in history. Meanwhile, the price fall in Bitcoin might be attributed to profit booking or price correction ahead of Bitcoin halving.
However, amid this negative market sentiment, anti-Bitcoin advocate Peter Schiff made a post on X (previously Twitter) where he compared the returns of Gold, Silver, and Bitcoin. According to Peter’s post, Bitcoin is the only asset with a negative return of over 7%, whereas both gold and silver experienced returns of over 3.4% and 8.7%, respectively.

Bitcoin whales gear up for halving event, adds $1.4 billion of BTC

Todayq News

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