Bitcoin Price Surging Again? Whales Amass $2.8 Billion worth of BTC in Just 24 Hours
Article Rewrite:
Major Players Drive Surge in Crypto Market, Bitcoin’s Price Poised for a Comeback
The unpredictable nature of the crypto world keeps everyone guessing, and now it’s the big players, known as “whales,” who are causing a stir and fueling a surge in the market. On May 3, the total market value soared to $2.18 trillion, representing a significant 2.80% increase.
But what’s really capturing attention is Bitcoin’s resilience and its potential for a comeback, driven by a massive accumulation of over $2.8 billion worth of BTC in just 24 hours.
Earlier this week, Bitcoin’s price drop to $56,555 triggered a broader decline across the crypto market, reflecting the ongoing market consolidation since mid-March.
However, amidst the turbulence, there’s a glimmer of hope according to the latest on-chain data. In the past day, whale wallets have surged by 47,500 BTC, valued at $59,000 each, totaling an astonishing $2,802,500,000. This surge in whale activity has pushed the total BTC balance of active giants to 498.1K tokens, equivalent to a colossal $29.38 billion.
Experts have weighed in on the situation, analyzing Bitcoin’s Spent Output Profit Ratio (SOPR) and the Bollinger Bands technical indicator, both indicating the potential for a short-term turnaround. According to CryptoQuant expert Dan, when the SOPR reaches the bottom of the band in a bull market, a short-term rebound often occurs. This appears to be unfolding now. Dan also noted a dip in general buyer optimism during the market correction, suggesting a potential rebound.
Adding to the optimism, market intelligence leader IntoTheBlock (ITB) revealed insights based on market data. ITB highlighted Bitcoin’s recent drop to around $56,000, which aligns with historical patterns of holder losses. The $58,000 range is identified as a crucial support zone, with caution for potential selling pressure around $62,000 if the market climbs higher. This strengthens hopes for a short-term breather.
As of the latest data, Bitcoin has shown signs of resilience, currently trading at $61,721, representing a strong 5% gain from the previous day’s level of $58,000. However, the stakes remain high, and failure to rebound above $59.7K before closing could indicate a descent to $48K.
With optimism running high, investors eagerly anticipate further market growth and potential milestones in the cryptocurrency sphere. The stage is set, the players are in position, and all eyes are fixed on the prize as the crypto market braces for what lies ahead.
Also Check Out:
Why This Is the Best Time To Buy Bitcoin?
With whales on the move, the crypto market’s next chapter is unwritten. Is this the turning point, i.e., the bull run we’ve been waiting for?