The world’s biggest cryptocurrency, Bitcoin, has seen a $2.8 billion accumulation within 24 hours, led by prominent Bitcoin whales buying the dip at an average price of $59,000, signaling a new era of confidence among large investors.
The surge in Bitcoin whale activity, highlighted by CryptoQuant founder Ki Young Ju, shows Bitcoin whale wallets now holding a staggering 498.1K BTC, up from 450K BTC a day ago, worth $29.38 billion.
Analysts suggest a potential price rebound based on on-chain metrics. Dan from CryptoQuant points to oversold conditions signaled by Bitcoin’s Spent Output Profit Ratio (SOPR) nearing the bottom of the Bollinger Band.
Additionally, cooling market sentiment among general investors hints at short-term relief for Bitcoin’s price. The market intelligence platform identifies a demand zone at $58K, with potential selling pressure around $62K.
Bitcoin, currently trading at $63,095, has validated these assessments with a notable 4.28% gain from the previous day’s price of $58,000.
The surge in Bitcoin whale activity and positive on-chain metrics suggest potential short-term price recovery for Bitcoin, supported by market sentiment and trading patterns.
Also Read: Massive $1.3B Crypto Whale Transfer Sparks Market Buzz
