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12,700 Bitcoin (BTC) in 24 Hours, What's Happening?

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Tue, 18/06/2024 - 11:23
12,700 Bitcoin (BTC) in 24 Hours, What's Happening?
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The price of Bitcoin (BTC) has continued to trade lower, especially after falling below the $66,000 support level in recent times. At the time of writing, the price of Bitcoin is down by 0.52% in 24 hours to $65,394.73.

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Unusual whale accumulation signals incoming rebound

For the better part of this month, the price of Bitcoin has not been quite positive. Over the past month, it has dropped by 2.70%, as low as $64,597.24. Amid these headwinds, there might be a rebound push in view for the coin.

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According to top market analyst Ali Martinez, a total of 12,700 BTC were sent to accumulation addresses in the last 24 hours. This sum is worth around $840 million and mirrors data insights from crypto analytics platform IntoTheBlock that show an uptick in large transactions.

Per the data from IntoTheBlock, large transactions have soared by 67.74% in 24 hours to $49.02 billion. This growing Bitcoin metric is an indication that confidence is already returning to the ecosystem. After an intense price drawdown, there might be a sudden revival in the makings for the premier digital currency.

Spot Bitcoin ETF influence

Amid the inconsistency in retail-focused Bitcoin trading, corporate investors have slowed down the tempo in embracing spot BTC ETF products over the past week.

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While a couple of outflows were recorded in the past week, the mild inflow being recorded in recent times is setting the asset class apart. As the price of Bitcoin makes targeted attempts toward recovery, other important macroeconomic headwinds like the United States Federal Reserve interest rate policies are also worth watching.

Overall, the price of Bitcoin is about 11% below its previous all-time high (ATH) of $73,750.07, a price point that serves as the immediate target in the near future.

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