As a researcher with extensive experience in the cryptocurrency market, I believe that the recent accumulation of Bitcoin by whales from Coinbase could have played a significant role in the current price rebound. The massive withdrawal of over 15,000 BTC from Coinbase Pro within the last 24 hours is an indication of whale activity, which could have spurred the latest recovery.
The price of Bitcoin (BTC) had a setback and dipped below $62,000 in recent days. But today, Bitcoin bounced back robustly, approaching $63,000. During this downturn, major Bitcoin investors, known as whales, purchased more than 15,400 BTC from Coinbase within the last 24 hours. This substantial acquisition might have triggered the current price surge.
Whales Grab 15K BTC From Coinbase Pro
The combined amount of Bitcoins withdrawn from cryptocurrency exchanges adds up to 13,782.83. Notably, Coinbase Pro is a significant source of this decrease in the Bitcoin exchange reserve. As per Coinglass data, a substantial withdrawal of 15,415.25 BTC occurred on Coinbase Pro, translating to approximately $966.84 million using current exchange rates.
As a researcher studying the cryptocurrency market, I’ve noticed an interesting trend with Coinbase Pro’s Bitcoin reserves. Over the past month, approximately 16,146.36 Bitcoins were withdrawn from the exchange. Remarkably, over 15,000 BTC were taken out in a single day. Consequently, it appears that many Bitcoin whales have recently accumulated a substantial amount of cheaper Bitcoin.
I analyzed the 24-hour Bitcoin transactions across various crypto exchanges and noticed that OKX recorded a withdrawal of 329 BTC. On the other hand, Gemini reported an accumulation of 108.18 BTC. Additionally, Bitstamp and Korbit also had substantial involvement in the Bitcoin withdrawals from exchanges.
In their latest update on X, Whale Alert drew attention to the fact that a single whale transferred 7,900 Bitcoins, equivalent to a mind-blowing $494.13 million, from Coinbase. This transaction represented more than half of the total Bitcoin withdrawn from Coinbase in the preceding 24 hours.
Previously, on Tuesday, May 14th, I noticed a significant Bitcoin price disparity between Coinbase and other exchanges, with Coinbase asking for a higher price due to strong selling pressure. However, I’ve observed that whales have been actively accumulating coins lately, causing the premium gap to shrink back towards neutral levels.
JA Maartuunn, who is certified on CryptoQuant, brought up this metric and indicated a possible upward trend. In a post on X, he stated, “Yesterday’s heavy selling pressure from Coinbase seems to have lessened. This situation could potentially lead to some short-term price growth.”
Bitcoin Price Rebounds
The price of Bitcoin took a substantial dip during the latest bearish trend, but it managed to stage a strong recovery. Currently, the BTC value is 1.32% higher, priced at $62,720.08. Additionally, its trading volume for the past 24 hours increased by 3.39%, amounting to $26.22 billion. Notably, Bitcoin boasts a massive market capitalization of $1.22 trillion.
In contrast to the increasing enthusiasm among derivatives traders for other assets, there has been a modest decrease in their appetite for Bitcoin futures. The open interest in Bitcoin futures fell by 0.61% to $29.73 billion. It’s worth mentioning that shorts have been driving the majority of the liquidations as traders look to minimize their losses during Bitcoin’s recovery.
Within a span of only 4 hours, short sellers of Bitcoin have faced a total loss of approximately $4.23 million due to liquidations, as per Coinglass’s reports. Consequently, these traders are predicted to repurchase their positions, thereby intensifying the demand for Bitcoin. This situation could potentially trigger additional price increases for Bitcoin.
Examining Bitcoin’s Relative Strength Index (RSI), I observe it at 48. This signifies a neutral market sentiment, neither tilting towards overbought nor oversold conditions, potentially presenting a favorable entry opportunity. Nonetheless, Bitcoin is presently trading beneath its 50-day Exponential Moving Average (EMA) of $63,263 on Trading View’s analysis. This implies a brief downtrend for the cryptocurrency.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- AVAX PREDICTION. AVAX cryptocurrency
- MNT PREDICTION. MNT cryptocurrency
- EUR KRW PREDICTION
- USD PHP PREDICTION
- RARE PREDICTION. RARE cryptocurrency
- NLS PREDICTION. NLS cryptocurrency
- Call of Duty: MW3 and Warzone Season 5 Reloaded Update Patch Notes Revealed
- BCH PREDICTION. BCH cryptocurrency
2024-05-15 15:00