- Bitcoin surges, hitting five-week high amidst positive ETF flows.
- Whale activity indicates accumulation despite recent price surge..
Bitcoin bulls made a comeback this week, surprising many investors after facing downward movements since the start of the month. Yesterday, BTC hit a five-week high of $67,700. In the past week, it surged 10.33%, and on a monthly timeline, it increased by 4%. The trading volume is up by 37%.
Positive ETF flows and new CPI data triggered the Bitcoin price surge. Additionally, new interest from big firms in various Bitcoin ETFs has been a contributing factor. Fears around sell-offs during the halving period are losing strength.
Whale activity has also played a part. Recent reports highlight notable activity among Bitcoin whales, indicating a surge in accumulation despite the cryptocurrency’s recent price increase. A prominent Bitcoin whale identified by the wallet address “15cHR…cnHxv” acquired 255 Bitcoin at an average price of approximately $65,116.
With this recent accumulation, the total holdings of the whale surged to around 23.09K Bitcoin, equating to an estimated profit of nearly $986 million.
In addition, there were two other significant transactions. Wallet address “33ds4…Q1yCc,” moved a substantial amount of 2,400 Bitcoin from the Coinbase exchange. Simultaneously, an unidentified whale, marked by the wallet address “bc1qv…m4jpf,” transferred 770 Bitcoins from Gemini.
Meanwhile, currently, Bitcoin is trading at $67,130.69 with a minor surge of 0.01%. Bitcoin’s dominance is currently 54.37%, an increase of 0.03% over the day. The market seems very slow today, with the global crypto market cap at $2.43T, a 0.07% decrease over the last day.
BTC Price Chart, source: TradingView
Will Bitcoin Hit $69K?
The daily chart reveals that Bitcoin is currently on a bullish trend, with the 9-D EMA at $65,376. The daily RSI is at 58, indicating a neutral situation.
If the Bitcoin bulls continue their run, it might reach $68,321 and a next step as $69094. However, if the bears take over, it might drop to $64,654, and on the lower support level, $59,529.
