Is Bitcoin making a comeback? Whales Acquire 47K+ BTC at $2.8 Billion in a Day

The post Is Bitcoin making a comeback? Whales Acquire 47K+ BTC at $2.8 Billion in a Day appeared first on Coinpedia Fintech News

Crypto whales are making massive moves, and as a positive outcome, cryptocurrencies have surged in the past 24 hours. On May 3, market capitalization reached $2.18 trillion, up 2.80%. However, Bitcoin appears to be on a trajectory toward short-term price recovery, led by a significant accumulation of over $2.8 billion worth of BTC within just one day.

Earlier this week, the recent downturn in Bitcoin’s price to $56,555 triggered a broader decline across the crypto market, echoing the ongoing market consolidation since mid-March.

#Bitcoin whales accumulated 47K $BTC in the past 24 hours. We’re entering a new era. — Ki Young Ju (@ki_young_ju) May 3, 2024

However, developing on-chain metrics has given market analysts hope for price recovery. In the past 24 hours, whale wallets have accumulated 47,500 BTC, valued at $59,000, totaling $2,802,500,000. This increased whale accumulation has increased the cumulative BTC balance of active whales to 498.1K tokens, or $29.38 billion.

Crypto Experts on Signs of Rebound

CryptoQuant expert Dan has chimed into Bitcoin’s Spent Output Profit Ratio (SOPR) data and the Bollinger Band technical indicator to support a short-term recovery. He said that bull markets are oversold when the SOPR hits the bottom of the band, which means that prices could go up again, which is happening now in the market. Dan also saw a drop in the optimism of general buyers during the current market correction, which could mean that a recovery is coming soon.

Furthermore, market intelligence platform IntoTheBlock (ITB) pointed out that Bitcoin’s price recently dropped to around $56,000, which is in line with past cycles regarding the number of holders losing money. ITB highlighted the $58,000 range as an important demand area to keep an eye on and suggested that there would be more selling pressure around $62,000 if the market went up, which added to the idea of short-term relief.

As of the latest data, Bitcoin has already demonstrated signs of rebound, currently trading at $61,721, reflecting a 5% gain from the previous day’s $58,000 price level. However, if Bitcoin does not rebound above $59.7K before the closures, we may see $48K. 

With positivity prevailing, investors eagerly anticipate further growth and potential milestones in cryptocurrency. The scene is set, the players are ready, and all eyes are on the prize as the crypto market gears up for what lies ahead.

Is this the start of the crypto bull run we’ve been waiting for? Buckle up and stay tuned!

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