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In a stunning reversal, Bitcoin reclaimed the $71,000 mark after whales and sharks aggressively accumulated over 52,000 BTC on March 25, signaling a possible end to the pre-halving retrace.
Whales and Sharks Fuel Bitcoin Surge with Record Accumulation Ahead of Halving
According to Cointelegraph, Bitcoin's pre-halving retrace may have ended after one of the most significant accumulation days in years when the price level was reclaimed at $71,000.
On March 25, blockchain analytics firm Santiment reported that Bitcoin "caught traders off guard" with a rebound after "key stakeholders" had a massive accumulation day over the weekend. Bitcoin's pre-halving retrace may have ended after one of the most significant accumulation days in years when the price level was reclaimed at $71,000.
According to the firm, wallets known as "sharks" and "whales" and holding between 10 and 10,000 coins accumulated 51,959 coins on March 24, worth approximately $3.4 billion. This equates to 0.263% of the total available supply accumulated in a single day.
As the Bitcoin halving approaches in three weeks, on or around April 19, "it would be unsurprising to see these wallets continue to grow, resulting in a positive impact on crypto-wide market caps," it stated.
Analyzing Bitcoin's Pre-Halving Retrace: Insights from Market Analysts and Research Firms
Crypto analysts were concerned about a more significant pre-halving retrace, assuming that past market cycles would repeat. According to CoinGecko, BTC fell only about 17% from its all-time high of $73,738 on March 14, dipping to $61,494 by March 20.
According to technical analyst 'Rekt Capital,' if this marks the end of the pre-halving retrace, Bitcoin will have nearly equaled the 2020 pre-halving retrace.
He noted, "Bitcoin pulled back -18% in this cycle, whereas BTC retraced just over -19% in 2020."
The analyst previously predicted that this pre-halving retrace "would more likely be on the shallower side than on the deeper side" and could be much shorter than in the past.
In a report on market volatility and last week's dip on March 25, crypto research firm Kaiko revealed that, after analyzing buy and sell orders, "selling intensified following the U.S. market close."
It concluded that "liquidity in the cryptocurrency market is not only fragmented across exchanges but also across trading pairs."
BTC was up 5.2% on the day to $70,252 at the time of writing, reaching an intraday high of $71,000 in late trading on March 25.
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