Tech
Bitcoin whales amass over 3,400 BTC tokens, signaling a possible price surge ahead
Bitcoin surpassed the $66,000 price, confirming the growing bullish sentiment. Recent reports reveal this Bitcoin whales they have accumulated over 3,400 coins amid improving market sentiment. This increase in whale activity confirms massive investor interest in Bitcoin, signaling a potential impending rally.
According to data from HODL15Capital, a whale address purchased 255 Bitcoin at approximately $65,116 per coin. After the latest purchase, the whale boasts total assets of almost 23.09 thousand Bitcoin, worth approximately $986 million.
Whale interest, spot ETFs and other factors boost the price of Bitcoin
Whale alert identified two significant whale transactions. The first involved transferring 2,400 BTC to Coinbase. Another whale transferred 770 Bitcoin tokens from the Gemini cryptocurrency exchange.
These accumulations could significantly affect the price of Bitcoin. Whale movements signal growing investor interest, often triggering a price surge for cryptocurrencies.
Meanwhile, the recent positive trend in spot ETFs also helps the price of Bitcoin. According to reports, spot Bitcoin ETFs in the United States recorded net inflows of $257 million as of May 16, following notable outflows last week.
Grayscale recorded a single-day inflow of $4.63 million on May 16. Additionally, BlackRock’s IBIT ETF attracted inflows of $93.70 million.
Additionally, Fidelity’s ETF, FBTC, saw a net inflow of $67.08 million over the same time frame. Based on these statistics, there is strong competition among the major Bitcoin ETF providers.
Data reveals that BTC ETFs attracted investors to purchase 11,188 BTC tokens. This is almost five times the amount of Bitcoin mined in the same time frame.
Also, bitwise CIO Matt Hogan noted that many professional companies own Bitcoin ETFs. According to the IOC, as of May 9, 563 professional investment firms reported holding $3.5 billion worth of Bitcoin ETFs.
According to Coinglass data, the gap between Grayscale and BlackRock is decreasing to 12,710 BTC. As of May 17, BTC spot ETFs boasted $55.42 billion in assets under management, confirming the growing interest in Bitcoin. These investments increase demand for Bitcoin and could push its price back to $70,000.
Will Bitcoin Reach $70,000 Soon?
Bitcoin is trading in an uptrend on the daily chart, forming a green candle after yesterday’s brief retracement. Notably, the $65,147 support level has acted as a price pivot as BTC attempts to break above the $66,507 resistance level.
A break above this level will send BTC closer to the $70,000 price level as buyers continue to support its rally. The upper wick of its candle touches the upper band of the Donchian Channel (DC), a strong bullish signal indicating further price increases.
Furthermore, the RSI indicator is rising from the neutral zone with a value of 56.64. If this indicator reaches 60, Bitcoin is likely to enter the overbought region in the next few days. So, if market conditions remain favorable, expect Bitcoin to regain the $70,000 price level soon.
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