Bitcoin’s price reclaimed the $66,000 mark for the first time in 3 weeks, as recent data reveals that Bitcoin whales have accumulated over 3,400 BTC.
This surge in activity from large Bitcoin buyers (‘whales’), suggests growing bullish sentiment from the broader market, fueling anticipation of further rip higher in price.
Data from HODL15Capital shows that a prominent Bitcoin whale, identified by the wallet address “15cHR…cnHxv,” has single handedly acquired 255 bitcoin at an average price of around $65,116. This acquisition brings the whale’s total holdings to around 23K bitcoin, resulting in an estimated profit of nearly $986 million.
Another news aggregator Whale Alert reports two additional significant transactions. The first involves a whale identified by the wallet address “33ds4…Q1yCc,” which has moved a substantial amount of 2,400 bitcoin, worth around $157 million, from the Coinbase exchange.
At the same time, an unidentified whale, marked by the wallet address “bc1qv…m4jpf,” has transferred 770 bitcoin, worth around $50 million, from Gemini to an unknown wallet.
This recent surge in on-chain transactions by whales has sparked discussions within the bitcoin community regarding its potential positive impact on Bitcoin’s short term price trajectory.
Market analysts are now speculating on the likelihood of a forthcoming price rally, buoyed by the increased demand from large institutional investors.
Moreover, after witnessing muted trading for several days, the consecutive four days of cumulative inflows recorded by the U.S. Spot Bitcoin ETFs have also fueled investor confidence.
As of writing, bitcoin is trading around $67,200, marking a 5.3% increase over the past seven days.
Despite this upward trend in price, the one-day trading volume has slipped by 25%, now standing at $31.15 billion. CoinGlass data also notes a 0.46% rise in Bitcoin Futures Open Interest to $32.23 billion as of May 16.
Renowned analyst Rekt Capital noted that with the recent upward movement, BTC has turned the old major resistance at $60,000 into a new major support.
Meanwhile, pseudonymous bitcoin trader Yoddha highlighted the potential for a bullish continuation pattern. In a May 16 X post, they stated:
“The current range is surely forming a bullish continuation pattern. A breakout will send BTC to a new ATH.”
The ongoing accumulation by whales and the steady performance of bitcoin above the $66,000 mark reflect a robust market sentiment. Investors are optimistic about the digital asset’s potential for growth, anticipating that bitcoin may soon reach new all-time highs.
