As a seasoned crypto investor with a keen eye for market trends and on-chain data, I find the recent accumulation of 12.7K BTC at lower prices an intriguing development. The buy-the-dip sentiment, as evidenced by the massive accumulations, is a bullish sign that instills confidence in Bitcoin’s potential to surge ahead.
In an unexpected development, as Bitcoin (BTC) experienced a significant price drop, approximately 12,700 BTC, equivalent to $840 million, have been transferred to storage wallets. This notable shift was brought to attention by a well-known crypto market analyst on platform X. With Bitcoin sliding down to the $66K mark, these large-scale accumulations suggest a widespread belief among industry players that the asset will recover and continue its upward trend. Let’s explore further the intricacies of Bitcoin’s on-chain data.
12.7K BTC Moved To Accumulation Addresses
In a recent post by analyst Ali Martinez, it was highlighted that the specified sum was amassed as Bitcoin’s price dropped to $66K on June 17. This accumulation can be attributed to investors taking advantage of the dip in price to buy at lower costs with the expectation of earning greater profits in the future.
Biting the dust beneath $66K on June 18, Bitcoin (BTC) has followed suit after $145.9 million worth of outflows from U.S. spot Bitcoin ETFs. The Federal Reserve’s hardline approach seems to have instigated these withdrawals, exacerbating the downtrend for cryptocurrencies in general. Yet, the considerable stockpiling provides a glimmer of optimism regarding potential future price fluctuations for BTC.
At the same time, well-known analyst Crypto Rover highlighted the significant decrease in Bitcoin’s presence on exchanges as its price surpassed $60,000 this year. Furthermore, on-chain information indicates increasing hoarding, suggesting a bullish outlook for Bitcoin’s price trend.
Bitcoin Price Slips, What’s Next?
During this period, the price of Bitcoin dipped 0.59%, currently trading at $65,637.75. The cryptocurrency’s lowest and highest points over the last 24 hours were $64,597.25 and $67,252.08 respectively.
As a crypto investor, I’ve noticed some intriguing shifts in the data from Coinglass. The open interest for Bitcoin futures took a dip of 0.70%, bringing it down to $34.31 billion. On the other hand, derivatives volume surged an impressive 168.26% to reach a significant high of $79.92 billion. These numbers align with Bitcoin’s volatile price movements we’ve seen lately, possibly due to decreased investor engagement and overall market activity.
As a crypto investor, I’ve observed that the Relative Strength Index (RSI) was hovering around the 42 mark. This signified a mild downward trend, but with an overall neutral outlook. Consequently, there’s a high probability of either bulls or bears gaining control of the market in the upcoming phase.
I find it intriguing that in a post dated June 17, Martinez revealed that Binance would see the liquidation of approximately $19.5 million worth of Bitcoin contracts if the BTC price hit $67,450. However, should the BTC price overcome this barrier and rise further, a significant hurdle of around $10 billion in short liquidations awaits at the $72,000 level. This presents an optimistic perspective for potential future price movements.
Furthermore, it’s important to mention that although Bitcoin is almost at its all-time high, Michael Saylor’s company, MicroStrategy, has disclosed intentions to acquire more funds to accumulate even more Bitcoin. This news boosts confidence in potential price increases.
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2024-06-18 13:34