Bitcoin’s pre-halving retrace may already be over after one of the biggest accumulation days in years, when Bitcoin regained the $71,000 price level.
March 25th, blockchain analysis company Santiment report Bitcoin’s rally only “caught traders off guard” as “key players” made huge additions over the weekend.
The wallets, which the company calls “sharks” and “whales” holding between 10 and 10,000 coins, had accumulated 51,959 BTC on March 24, worth about $3.4 billion at the time, the company revealed. It added that this corresponds to a daily accumulation of 0.263% of the total currently available supply.
As Bitcoin’s halving approaches in three weeks, around April 19th, “it would not be surprising to see these wallets continue to grow and, as a result, have a positive impact on the overall market capitalization of cryptocurrencies.” The paper pointed out.
Cryptocurrency analysts assumed that history would echo past market cycles and were concerned about a larger retrace before the halving. However, BTC has only fallen about 17% from its all-time high of $73,738 on March 14th, dropping to $61,494 on March 20th. according to To CoinGecko.
Technical Analyst “Rekt Capital” Said If this were to be the end of the pre-halving retrace, Bitcoin would be roughly the same as the pre-halving retrace in 2020.
“Bitcoin fell -18% this cycle, but BTC reversed by just over -19% in 2020,” he said.
The analyst previously predicted that this pre-halving retrace was “more likely to be on the shallow side than on the deep side” and could be much shorter than it has been historically. .
Related: Bitcoin Halving Trading: 3 Traders Share Their Opinions
Cryptocurrency research firm Kaiko reported on March 25th about market volatility and last week’s decline. revealed An analysis of buy and sell orders revealed that “selling became stronger after the U.S. market closed.”
“Liquidity in the virtual currency market is fragmented not only between exchanges but also between trading pairs,” the report concluded.
After hitting an intraday high of $71,000 in late trading on March 25, BTC was trading at $70,252, up 5.2% on the day at press time.
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