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Bitcoin experiences a transformative moment as large-scale investors, known as whales, acquire over 47,000 BTC, valued at $2.9 billion, amidst a price retreat. This strategic move marks a pivotal shift in sentiment, signaling a bullish trajectory for the cryptocurrency amidst heightened market volatility.
Whales Drive Bitcoin Resurgence: Key Metrics and Market Dynamics
Bitcoin whales have invested more than $2.9 billion in BTC, helping it recover beyond the $60,000 threshold; however, can Bitcoin price close the week above $60,000?
Following the price drop that occurred after the halving, Bitcoin whales have resumed their accumulation of Bitcoin, as per Cointelegraph.
Bitcoin whales, or big wallets holding at least 100 BTC, have gathered over 47,000 BTC, which is worth more than $2.9 billion at current rates, according to CryptoQuant founder and CEO Ki Young Ju in a May 3 X post.
“Bitcoin whales accumulated 47,000 $BTC in the past 24 hours. We’re entering a new era,” Ju tweeted.
The chart eliminates wallets linked to centralized exchanges and mining companies. While the indicator includes spot Bitcoin exchange-traded funds (ETFs), they are not the reason for the increase, according to the CryptoQuant creator.
"Mostly custodial wallets, including ETFs, but recent spike not ETF-related,” Ju stated.
Spot Bitcoin ETF inflows have definitely turned negative. The eleven United States. According to Dune, Bitcoin ETFs saw nearly $871 million in negative net withdrawals this week, the highest outflows since their introduction.
Bitcoin's Price Outlook: Can It Sustain Momentum Above $60,000?
Bitcoin's latest decline was merely a "downside wick," and a weekly closing over $60,000 might reinforce the psychological level as new support, according to prominent Bitcoin analyst Rekt Capital.
“Looks like it was just a downside wick. Weekly Close just like this would confirm this pool of liquidity as secured support,” the analyst wrote in a May 3rd X post.
Based on past chart patterns, Rekt Capital believes Bitcoin may linger in the post-halving "danger zone" for another week.
“Bitcoin still has one week left in the Post-Halving ‘Danger Zone’ (purple). Therefore continued downside below the Re-Accumulation Range Low would not be out of the ordinary by standards of 2016 history,” the analyst went on.
According to İsa Sertkaya, chief technology officer of Silent Protocol, the Federal Reserve's dovish stance could boost Bitcoin's upward momentum.
“The overall market sentiment improved due to the Fed showing signs of injecting liquidity into the economy. The U.S. announced that the seasonally adjusted nonfarm employment increased by 175,000 in April, and the unemployment rate rose to 3.9%, lower than the expected increase of 243,000 nonfarm jobs and an unemployment rate of 3.8%,” Isa stated.
Bitcoin traders should pay special attention to the $60,000 mark. Coinglass estimates that a move below that level will result in the liquidation of more than $700 million in leveraged long bets across all exchanges.
Photo: Microsoft Bing
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