Bitcoin Sees Upsurge To $67,000 Amidst Whales’ Accumulation

Bitcoin experienced a notable upsurge in the past 24 hours, reaching a high of $67,000, buoyed by strong support from key whale tier holders with holdings ranging from 1,000 to 10,000 BTC. 

These whales have steadily accumulated an additional 266,000 BTC since the beginning of 2024, amounting to 1.24% of the total Bitcoin supply. The market sentiment is also characterized by a significant level of FOMO, further bolstering the bullish momentum.

However, recent data from Lookonchain indicates that a newly created wallet, 3CBS3t3d2Ui4Mma6YcuHHHR42VcJHnGMsb, withdrew 500 BTC ($33.07 million) from Binance within the past 24 hours. 

This withdrawal suggests a degree of profit-taking or strategic maneuvering by individual investors amidst the ongoing price rally.

Analyst Ali Martinez highlighted a concerning trend, revealing that the Bitcoin accumulation trend score has dropped to zero. This implies that whales may be either distributing their holdings or refraining from accumulating additional BTC at current price levels. 

Additionally, the TD Sequential indicator has flashed a sell signal on the 12-hour chart, indicating potential resistance at the mid-level of a parallel channel. Traders are advised to exercise caution, particularly if Bitcoin drops below the critical support level of $65,500.

Bitcoin ETF Net Inflow Turns Positive For Consecutive Trading Days 

On the institutional front, data from Spotonchain shows that Bitcoin ETF net inflow for April 23, 2024, amounted to a positive $32 million, marking the third consecutive day of net inflows. Notably, the outflow from Grayscale Bitcoin Trust (GBTC) has remained below $100 million for four consecutive trading days, indicating relatively stable market dynamics. 

However, all 10 Bitcoin ETFs, including the BlackRock iShares Bitcoin Trust (IBIT), have shown weak flows recently, suggesting a degree of investor apprehension.

As Bitcoin continues to navigate through these market dynamics, traders and investors are advised to closely monitor key support and resistance levels to make informed decisions amidst the evolving market conditions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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