High volatility in Bitcoin over the last 24 hours resulted in a whale purchasing 1,590 BTC from Binance. This transaction was considered as a harbinger of the bull run expected after the halving in the market.
Accumulation Phase in Bitcoin
Following the halving event in April, Bitcoin entered an accumulation phase again and experienced volatile price movements. According to Lookonchain's data, 1,590 BTC worth $106.8 million was collected in the last 24 hours. This increased market optimism about Bitcoin's future price movements.
According to data from Into The Block, the number of addresses holding more than 1,000 BTC has increased. This increase was attributed to the launch of BTC ETFs. Whale accumulation and the increase in addresses holding large amounts of BTC have indicated significant buying pressure for Bitcoin. However, Bitcoin's short-term prospects are still uncertain and its current position could cause further price volatility, according to experts.
Technical Data on BTC
The price of BTC decreased by 0.17% in the last 24 hours, falling to $66,909. According to Coinmarketcap charts, the token price followed a dynamic course today, with 24-hour lows and highs recorded at $66,663.50 and $67,694.30 respectively. According to Coinglass data, there was a 0.31% increase in BTC's open interest (OI) and a 27.49% decrease in derivative volume.
These data pointed to the uncertainty of BTC's future price movements, rationalizing market volatility. The relative strength index (RSI) remained at 58, indicating that the cryptocurrency is neither overbought nor oversold, creating upward pressure on the overall cryptocurrency market.
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