Is Bitcoin’s pre-halving retrace over? 52K BTC accumulated on Sunday alone
Bitcoin (BTC) prices surged back to $71,000 in late trading on March 25th after a significant accumulation period. Blockchain analytics firm Santiment reported a massive accumulation by key stakeholders, with wallets holding between 10 and 10,000 coins accumulating 51,959 BTC, worth around $3.4 billion. This amounted to 0.263% of the entire available supply being accumulated in one day. Analysts were initially concerned about a larger pre-halving retrace, but BTC only fell around 17% from its all-time high of $73,738 on March 14th, reaching $61,494 on March 20th. Technical analyst 'Rekt Capital' noted that if this marks the end of the pre-halving retrace, BTC's movement almost mirrors the 2020 pre-halving retrace. Despite market volatility and a dip, BTC was trading up 5.2% at $70,252 at the time of reporting, after hitting an intraday high of $71,000.
