Richard

2024

Wednesday

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-news-today-whale-activity-sparks-bitcoin-rally-over-30k-btc-purchased-in-two-days/">Bitcoin News Today: Whale Activity Sparks Bitcoin Rally; Over 30k BTC Purchased in Two Days</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After opening the week on a bearish note, Bitcoin (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) led the altcoin industry in a general rebound in the past 48 hours. The flagship coin rallied around 2 percent in the past 24 hours to reach a daily high of about $57,267. Consequently, the total crypto market cap rallied around 3 percent to reach $2.1 trillion on Wednesday during the early European session.</p> 
<p>The notable rebound in Bitcoin and crypto in the past two days has occurred in tandem with major global stock indexes.&nbsp;</p> 
<p>Furthermore, the US has scheduled to begin its treasury buyback operations today and continue in the coming weeks for a total of about $50 billion.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-whales-seize-the-opportunity-nbsp">Bitcoin Whales Seize the Opportunity&nbsp;</h2> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> The crowd played a massive part in crypto rebounding over the past 30 hours. Bitcoin's rapid bounce back to $57K came immediately after social media proclaimed we were about to see $40K-$45K BTC again. Instant bounces after bearish sentiment is a common theme throughout 2024. <a href="https://t.co/w1LfPZNaqH">pic.twitter.com/w1LfPZNaqH</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1820921893555233008?ref_src=twsrc%5Etfw">August 6, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>The recent <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> rebound has coincided with a significant drop in the fear and greed index to below 20 percent, which indicates extreme fear. However, on-chain data shows that long-term Bitcoin investors have been on a buying expedition regardless of price volatility.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Whales are accumulating <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> like never seen before. <br><br>Something is coming big time <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/UZdNrUyo5h">pic.twitter.com/UZdNrUyo5h</a></p>— Vivek
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Vivek4real_) <a href="https://twitter.com/Vivek4real_/status/1820928615250375083?ref_src=twsrc%5Etfw">August 6, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>According to on-chain data from Santiment, Bitcoin whales purchased more than 30k BTC units in the past two days, worth approximately $1.62 billion. Consequently, the Bitcoin supply on centralized exchanges has dwindled in the past few days.</p> 
<p>Nevertheless, the US spot Bitcoin ETFs have performed poorly in the past three days compared to Ethereum’s. On Tuesday, the US spot Bitcoin ETFs registered a net cash outflow of about $148 million led by Fidelity’s FBTC and Grayscale’s GBTC.</p> 
<h2 class="wp-block-heading" id="h-is-btc-s-macro-bottom-in-yet">Is BTC’s Macro Bottom In Yet?</h2> 
<p>Having retested the psychological support level around $49k in the recent crash, Bitcoin price has signaled a possible rebound to a new all-time high soon. According to veteran trader Peter Brandt, the current post-halving corrections for Bitcoin price are similar to the 2015-2017 cycle.&nbsp;</p> 
<p>However, Brandt reminds traders that post-halving corrections in the past two cycles indicate that a new bull cycle high could be many weeks from now.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">The inverted right angled broadening triangle was coined by Richard W Schabacker in his 1934 book Technical Analysis and Stock Market Profits (se below)<br>Also shown is the chart of Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <br>While the upper boundary is not horizontal, I still think the two match up well <a href="https://t.co/T85WqDKotz">pic.twitter.com/T85WqDKotz</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820979019111653779?ref_src=twsrc%5Etfw">August 7, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Meanwhile, Brandt highlighted that Bitcoin price has formed an inverted broadening triangle similar to the 2020 black swan.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/bitcoin-bounces-back-is-this-a-temporary-recovery-or-start-of-a-bear-market/" target="_blank" rel="noreferrer noopener">Crypto Market Today: Is This Just a Correction or the Start of a Bear Market?</a></p>

Bitcoin News Today: Whale Activity Sparks Bitcoin Rally; Over 30k BTC Purchased in Two Days

Table of Contents

CoinPedia News

Other articles published on Aug 7, 2024

Which “Magnificent Seven” Stock Offers the Most Value for Money Today?

Here’s Why Dogecoin Holders See More Benefit In Investing Mpeppe (MPEPE)

Crypto Market in Decline: Ethereum Pays the Price! Analysis from August 7, 2024

Polygon, Solana suffer exodus as investors pour $2m into crypto casino presale

Blockchain.com Teams Up with Prove to Offer 10-Seconds KYC Verification to its Users (7 Aug)

Nexera Protocol Suffers $1.5M Smart Contract Breach

Join our free newsletter for daily crypto updates!