Markets
Bitcoin Accumulations Worth $2.5 Billion Ignite Market Frenzy, Bull Rush?
Against the backdrop of Bitcoin’s highly turbulent price action over the past few days, BTC accumulations have increased significantly. In a post shared by a renowned cryptocurrency market analyst today, May 31, it has been brought to attention that nearly $2.5 billion in BTC has been withdrawn from exchanges in the last 72 hours, causing a commotion in the global realm of cryptocurrencies.
BTC accumulation data has set the stage for significant upward price action Bitcoin, a development eagerly awaited by cryptocurrency market participants post-halving. Here’s a closer look at the reasons behind this expectation:
BTC accumulations fuel market optimism
According to Ali Martinez’s post on This could suggest greater confidence among cryptocurrency investors regarding future price movements of the flagship cryptocurrency.
Meanwhile, this optimism goes hand in hand with another bullish event occurring in the cryptocurrency trading landscape. Farside investor data has demonstrated this Bitcoin ETFs recorded inflows for the 13th consecutive day starting May 30. Fidelity Wise Origin Bitcoin Fund (FBTC) saw the largest inflows, worth $119.1 million, while ARK 21Shares Bitcoin ETF (ARKB) saw outflows worth $99.9 million.
Nonetheless, market data collectively paints a bullish portrait of BTC in its post-halving reaccumulation period. It is also worth mentioning that this week, on May 27, BTC briefly surpassed the $70,000 mark, while as the token plummeted, 37,000 BTC has been accumulated to date, as mentioned above. This suggests that additional pumps may be in the pipeline.
Source: Ali Martinez
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Bitcoin price today
While, while I was writing, The price of Bitcoin
it has risen by 1.03% in the last 24 hours, reaching $68,748.37. The token’s 24-hour lows and highs are $67,869.22 and $69,500.54, respectively.
BTC futures OI jumped 0.18% to $34.61 billion, further accompanied by a 3.75% increase in derivatives volume to $51.09 billion. This data signaled a bullish market trend for BTC at the time of writing, in line with today’s price increase.
Furthermore, the RSI also stood at 56, indicating the presence of some bullish momentum despite broader neutrality. Furthermore, technical indicators signal a strong buying sentiment prevailing in the market.
Collectively, the market data has added a bullish edge to BTC’s current price movements and future price actions. Furthermore, this year’s defining moment, the BTC halving, has not yet caused a potential parabolic uptrend in the token. Cryptocurrency market participants expect a snowball effect on the price of BTC to occur soon.
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