Bitcoin Whale Accumulation Signals Potential Rally as BTC Price Holds Strong Support at $66,000
Bitcoin News: Whale accumulation sparks speculation of BTC price rally to $70k
A recent large transfer of 500 BTC from crypto exchange Binance to a new wallet address has caught the attention of the crypto community, leading to speculation of a potential rally in Bitcoin price. The transfer, worth $33.07 million, has raised excitement and doubts among experts as Bitcoin continues to hold strong above the $66,000 support level.
On-chain expert Lookonchain highlighted the significant transfer, noting that it is one of the largest after the Bitcoin halving event. The transaction fee for this transfer reached an all-time high of $128.45, indicating the growing interest in Bitcoin among investors. CryptoQuant CEO Ki Young Ju also pointed out that the new whales’ initial investment in Bitcoin is nearly double that of the old whales’ cumulative total.
Despite the bullish sentiment, some experts warn of a potential price correction as monthly expiry approaches this week. Crypto research firm Matrixport noted that the Bitcoin average funding rate has turned negative, providing traders with a safe opportunity to go long. However, futures traders seem hesitant to pour more money into the market, with CME BTC Futures Open Interest falling over 1% in the past 24 hours.
Currently, Bitcoin is consolidating near $66,000, with the price hovering around $66,009. The trading volume has slightly decreased in the last 24 hours, indicating a period of consolidation. As the market awaits further developments, the question on everyone’s mind is whether a BTC price rally to $70,000 is imminent this week. Stay tuned for more updates on this developing story.
