Bitcoin Whales Rally: Can They Push BTC's Weekly Close Above $60,000?
Summary:
Bitcoin whales, holders of at least 100 BTC, have started accumulating Bitcoin again following the post-halving price dip, with over 47,000 BTC purchased in 24 hours. Analysts speculate whether this can push Bitcoin's weekly price above $60k. US Bitcoin ETFs recorded negative outflows this week, and traders anticipate a weekly close above $60k, which would establish new support. Market sentiment is improving due to signs of the Federal Reserve injecting liquidity into the economy. A drop below $60k could result in over $700 million worth of leveraged long liquidations.
Bitcoin whales, large holders of at least 100 BTC, have begun to amass once again, following the recent post-halving price decrease. The question now is whether these whales will be able to push Bitcoin's weekly closing price past the $60,000 mark. In just one day, these whales have managed to purchase over 47,000 BTC, a figure that translates to more than $2.9 billion in current values, according to Ki Young Ju, CryptoQuant’s CEO and initiator.
Important to note, Ki Young Ju's data excludes wallets associated with major exchanges or mining companies. While the surge does include spot Bitcoin exchange-traded funds (ETFs), these are not the primary drivers of the said increase. Interestingly, spot Bitcoin ETF inflows are currently in the negative. This week alone saw the 11 U.S. Bitcoin ETFs face over $871 million in negative net outflows - their largest weekly outflow since inception.
There are signs of optimism despite Bitcoin's recent fall, with traders hopeful it will close out the week above $60,000. This would subsequently reassure them that this key psychological milestone is being established as a new support level. The possibility of Bitcoin remaining in the uncertain post-halving period for another week is predicted by historical charts.
The overall market's positive vibe could be in part attributed to the Federal Reserve's dovish stance and its potential to inject liquidity into the economy. The announcement that there was a seasonally adjusted surge of 175,000 nonfarm jobs in April in the U.S., with the unemployment rate rising to 3.9%, bolstered this sentiment.
For Bitcoin traders, the $60,000 milestone is crucial. Falling below this could result in liquidations exceeding $700 million of leveraged long positions on all exchanges.
Please note: It's crucial to thoroughly evaluate potential investments or trading maneuvers, as they always carry an element of risk. This article isn't offering investment advice or recommendations.
Published At
5/3/2024 7:11:27 PM
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