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As whales amass $2.8 billion worth of BTC, indicating renewed investor confidence, Bitcoin’s short-term recovery gains steam. The leading cryptocurrency, Bitcoin, is seeing a short-term price surge after amassing more than $2.8 billion worth of BTC in just one day. After Bitcoin’s price dropped to $56,555 earlier in the week, causing worries throughout the cryptocurrency landscape, there has been a recent uptick in accumulation.
Despite the recent price volatility, market observers are finding reasons to be optimistic about Bitcoin’s near-term prospects, buoyed by fresh on-chain metrics. A noteworthy change is the resurgence of Bitcoin whale accumulation patterns.
Whale wallets that have transacted in the last 24 hours have accumulated an incredible 47,500 BTC, according to CryptoQuant founder Ki Young Ju. Importantly, these “whales” invested a combined $2.8 billion to “buy the dip” by purchasing Bitcoin at an average price of $59,000. According to Young Ju, the market is “entering a new era” with renewed confidence among large investors thanks to this major acquisition. These active whales’ cumulative BTC balance has surged to 498.1K tokens as a result of this recent accumulation, up from approximately 450K BTC just a day earlier. This accumulation highlights the significant influence of these well-known investors, who currently own an incredible $29.38 billion worth of Bitcoin.
Bitcoin Price Is Revival Indicated by On-Chain Metrics Meanwhile, Dan, an analyst at CryptoQuant, looked into on-chain metrics to support the idea that Bitcoin’s price could go up again. Dan zeroed in on the actions of day traders, who have a significant impact on the price of cryptocurrencies.
To find profitable buying and selling points, Dan used Bitcoin’s Spent Output Profit Ratio (SOPR) data in conjunction with the Bollinger Band technical indicator. During bull markets, he said, the SOPR hitting the band’s bottom signifies oversold conditions and usually comes before a price rebound, which is exactly what’s happening right now. Additionally, Dan brought attention to the fact that general investor sentiment has been declining during the current market correction. He thinks that the market’s waning excitement indicates that a recovery might be around the corner after this adjustment phase, which would be great news for Bitcoin’s price in the near term.
BTC Market Place Found to be $58,000 The latest mood surrounding Bitcoin’s price can be better understood with the help of data provided by the market intelligence platform IntoTheBlock. IntoTheBlock found similarities between the current decline in Bitcoin’s value to the $56,000 range and earlier cycles when holders suffered losses at a similar rate. With the $58K range marked as an important demand zone to keep an eye on, ITB predicted that, should the market continue its upward trend, selling pressure would intensify near the $62,000 mark, lending credence to the idea that Bitcoin is about to experience some temporary relief.
The rapid validation of the assessments made by these prominent entities by BTC is quite interesting. Compared to $58,000 the previous day, Bitcoin has gained 4.28% and is now trading at $61,607.

Bitcoin Revival: Whales Accumulate $2.8B BTC in Rapid 24-Hour Blitz

Blocksays

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