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Real Reason Behind Bitcoin (BTC) Resurgence Uncovered: Details

Tue, 06/20/2023 - 08:19
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Godfrey Benjamin
Bitcoin's resurgence above $27,000 was factor fueled by market whales
Real Reason Behind Bitcoin (BTC) Resurgence Uncovered: Details
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The recent resurgence in the price of Bitcoin (BTC) has many undertones, many of which rest on the shoulders of whale buyers. According to data from crypto analytics provider Santiment, Bitcoin whales have been on an accumulation spree for the past two months as the general market watched the market dwindle.

Santiment sentiment

Santiment noted that whales holding from 1,000 to 10,000 cryptocurrencies in their bags have been intensely accumulating BTC. These whales have notably accumulated a combined value of $3.6 billion in Bitcoin since the first week of April, effectively helping to trigger a price run above $27,000, as recorded recently.

Bitcoin has had a very wobbled price action since the start of the month. While the digital currency has maintained a relatively positive growth outlook since the start of the year, it is still a very big determinant of the bearish turn the market often takes.

In all, the coin has moved in ways that suggest investors are aware of its immunity to the spate of cryptocurrencies labeled securities by the United States Securities and Exchange Commission (SEC). Many in the cryptocurrency community believe that Bitcoin is the only digital currency that does not fit the regulator's classification of a security.

Veteran Trader Peter Brandt Thinks Bitcoin (BTC) Halving Is Non-Event and Way Overrated

This potential immunity is bound to help fuel the stability of the cryptocurrency in the long term.

Bitcoin price outlook

At the time of writing, Bitcoin is changing hands at a price of $27,003, up by 1.54% over the past 24 hours, per data from CoinMarketCap. The cryptocurrency appears to be paring off its losses in the past week, having extended its gains to more than 2.7% in that time frame.

The Bitcoin outlook is a positive one, owing to the potential accumulation and the halving event that is drawing near. The move to file for a spot Bitcoin ETF application by BlackRock has also been viewed as a positive one for the market as a whole.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.