Strong whale accumulation was a key factor behind the recent rally in Bitcoin's price, according to analysis shared by platform IntoTheBlock on March 26.
The analysis noted that on March 23, large Bitcoin holders added nearly 80.000 BTC to their holdings in their portfolios while the price hovered around the $64K zone. For the platform, this strong accumulation appeared to be a key factor behind Bitcoin's return to the $70 range.
On March 23rd, Large Bitcoin holders added nearly 80,000 BTC to their holdings as the price hovered around $64K. This strong accumulation appears to be a key driver behind Bitcoin's move back to the $70K range. pic.twitter.com/U8uLFZMZH7
— IntoTheBlock (@intotheblock) March 26, 2024
Renowned cryptocurrency analyst Ali Martinez observed that Bitcoin whales purchased more than 100.000 BTC tokens last week. The amount acquired was worth US$7 billion. What comes next?
In one analysis, Martinez highlighted the current price movement of the largest cryptocurrency, emphasizing the crucial resistance zones for Bitcoin to reach new highs.
“The most significant resistance barrier ahead of Bitcoin is between $70.180 and $70.600, where 292.000 address 397.000 $BTC. If BTC manages to break through this barrier, it will likely march towards new all-time highs.”
At the time of publication, the Bitcoin price it was quoted at US$70.162,52, down 0.1% in the last 24 hours.
Bitcoin will test US$80 before halving, expert predicts
In a recent movement that shook the cryptocurrency market, Bitcoin demonstrated its unwavering strength by once again surpassing the $71 price level earlier this week. Michaël van de Poppe, a prominent cryptocurrency analyst, suggested in a shared analysis on March 27 that the market's largest cryptocurrency is charting a rather optimistic upward trajectory.
In his analysis, Michaël van de Poppe highlighted that Bitcoin could experience a notable increase in its price preparing to test the $75-80K zone before Halving, scheduled to take place in April.
