- Bitcoin prices rose 4%, reaching a 10-day peak of $85,900 on Wednesday, as the Federal Reserve decision to suspend the rate was in line with market expectations.
- IntotheBlock's on-chain chart shows that BTC's large transactions have increased by $13 billion since the beginning of the week.
- Bitcoin ETF saw over $500 million inflows in the three days leading up to the US FED conference.
Bitcoin prices skyrocketed 4% to a 10-day high of $85,900, exceeding $500 million over the Federal Reserve decision amid institutional demand and an influx of Bitcoin ETFs. What will be the next move for BTC?
Bitcoin (BTC) prices reach 10 days' peak after Fed Meeting
Bitcoin (BTC) has surpassed its key support levels to meet market expectations as the US Federal Reserve announced a moratorium on interest rates. Following a cooler than expected inflation signal from CPI and PPI data released at the beginning of the month, market watchers are priced at a rate pause.
Bitcoin Price Action | btcusdt
Bitcoin surged 4% on Wednesday, rising to a 10-day high of $85,900 as US Fed rate decision macroeconomic conditions and positive sentiment from the allegations against RIPPLE provided dual catalysts for market-wide gatherings.
Bitcoin ETF sees a $500 million inflow as demand for whales surges ahead of the Fed's meeting
Bitcoin prices only rose 4% on Wednesday, but other key basic metrics point to an increase in whale accumulation ahead of the Fed's decision. First, after a three-week sales streak, Bitcoin ETF reversed the course this week, recording a cumulative inflow of $512 million over the past three days, according to Sosovalue data.
On Wednesday alone, Bitcoin ETFs collected a net inflow of $209 million after winning $32 million and $274 million a week. In particular, this is the first time since January 31st that Bitcoin ETF has entered a positive Netflow for three consecutive days.
Bitcoin ETF Flow | SOSOVALUE
Additionally, IntotheBlock's on-chain data also confirms that Bitcoin Zilla has significantly increased its purchasing pressure in the days prior to the Fed's reduction.
The following BTC Large Transaction Chart tracks the total value of Bitcoin transactions over $100,000 per day. It provides real-time data on the amount of capital deployed by whale traders and large corporate investors, focusing on major market events.
Bitcoin Zilla's trading volume will increase $13 billion for us. Source: IntotheBlock
As mentioned above, Bitcoin recorded a massive $32 billion transaction at the beginning of the week of March 15th.
However, since then, the large BTC transactions have risen 40% to $42.9 billion as of Wednesday.
This indicates that demand for BTC whales has increased by $13 billion over the US Fed rate decision.
Bitcoin Price Prediction: Cell News Trigger May Trigger Pullback to $80k
The 4% Bitcoin rally on Wednesday was accompanied by strong whale demand.
However, as observed in the Bitcoin market this week, when whales make large purchases ahead of major market events, they often increase the risk of new strategies.
If large investors choose to implement strategic exits, Bitcoin prices can enter a rapid revision phase in future trading sessions.
Bitcoin Price Prediction | BTC
However, as evidenced by the moving average convergence branching (MACD) indicators on the chart above, Bitcoin's short-term momentum remains dominantly positive.
The MACD histogram turns green and sees the shift in momentum shift in the opposite direction, and the MACD line approaches a bullish crossover above the signal line.
This pattern usually indicates the potential for expansion profits when purchasing pressure is consistent.
Additionally, the BTC price is broken at $85,803 above the mid-band of the Donquian channel, suggesting a bullish advantage targeting band resistance of nearly $96,000.
Conversely, if Bitcoin does not violate the $90,000 psychological resistance, you can earn profits from whales and short sellers.
The negative value of MACD indicates a weak residual pressure, but the low boundary of the $76,606 Donquian channel remains an important drawback target.
