BTC crossed $70,000 in the late hours of March 25, as the pre-halving retrace could have likely ended, while bulls gathered strength and helped increase the numbers for Bitcoin accumulation.
Last weekend, bullish crypto investors were busy accumulating BTC with a long-term overview. It could suggest that the Bitcoin pre-halving retrace is likely over. Earlier, BTC had dipped below $61,000 and attempted to stage a comeback. In the last 24 hours, with the bullish Bitcoin accumulation numbers, BTC climbed to over $70,000.
A blockchain analytics firm confirmed the rising Bitcoin accumulation numbers. It said, “51,959 collective Bitcoin were accumulated by wallets that hold between 10-10K $BTC on Sunday alone. This translates to 0.263% of the entire currently available supply being accumulated in one day.”
Further, the firm noted that such wallets may continue to increase until the Bitcoin-halving event. A new revelation also cropped up during BTC’s latest rally. This time, the huge inflows in the spot Bitcoin ETFs, which had fueled BTC’s earlier rally, were absent. Hence, whales and bulls could still heavily influence BTC’s price range.
Analysts and experts also voiced concerns about a deeper pre-halving retrace. It did not occur, and BTC’s biggest decline was only around 17% from it’s all-time high. Such indicators probably suggest massive bullish sentiments growing in the crypto market.
BTC/USD 1D price chart
Bitcoin is currently trading at around $70,300 on March 26, 2024, with BTC/USD trading higher by a margin of 5% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.38 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (67,054.51), as BTC’s 24-hour volume was at around $41 billion. The global crypto market cap increased by around 4.68%, trading above $2.67 trillion. BTC’s year-to-date returns are at 67.67%.
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