• Bitcoin whales have accumulated over 47,000 BTC worth over $2.9 billion during the recent price pullback.
• This whale accumulation helped Bitcoin recover above the $60,000 mark, and a weekly close above this level could confirm it as a new support zone.
• The dovish Federal Reserve stance and positive U.S. job data have improved market sentiment, potentially providing further upside momentum for Bitcoin.
Bitcoin whales have been accumulating large amounts of BTC during the recent price pullback, which signals the start of a new era for the cryptocurrency. Over $2.9 billion worth of Bitcoin was purchased by whales in just 24 hours. This buying frenzy helped Bitcoin recover back above $60,000.
Whales Buy Over 47,000 BTC
According to data from CryptoQuant, Bitcoin whales bought over 47,000 BTC (worth over $2.9 billion) within a 24 hour period. These whales are defined as wallets holding at least 100 BTC. This massive spike in accumulation was noted by CryptoQuant CEO Ki Young Ju. He stated that this signals the beginning of a new era for Bitcoin as large investors gain confidence.
Bitcoin Price Action
Bitcoin’s recent decline appears to just be a minor pullback based on the weekly chart. A weekly close above $60,000 could confirm this major level as the new support. According to analysts, Bitcoin is still in the “post-halving danger zone” for another week, so continued volatility is expected. However, the overall market sentiment has improved recently due to the Fed’s dovish stance.
Looking Ahead
Bitcoin remains in a precarious position, but should find support around $60,000. If it breaks below this level, over $700 million in leveraged long positions could be liquidated. For now, the whales appear confident that the bottom is in. Their massive accumulation spree signals a new era for Bitcoin as large investors gain conviction during this post-halving cycle.
