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Bitcoin price jumped over 6% after it successfully held the $27K level after correcting to $26.5 after the U.S. CFTC filed a lawsuit against Binance for violating crypto trading and derivatives rules. In the last 24 hours, the BTC price has a low and high of $26,677 and $28,610, respectively.
A massive recovery was seen in the broader crypto market with XRP leading the rally among top altcoins, with an over 18% upside move. Cardano (ADA) price jumped 12%, Ethereum (ETH) 6%, Polygon (MATIC) and Solana (SOL) 8%.
Futures tied to Dow Jones, S&P 500, and Nasdaq have recovered nearly 1% on Wednesday, while the U.S. Dollar Index (DXY) fell to the 102.5 mark. The Crypto Greed & Fear Index is at 57 value, representing “Greed.”
BitMEX co-founder Arthur Hayes speculates whether the Bitcoin bull market in 2023 is supported by FUD and worsening market conditions.
$BTC 2023-? Bull market powered by FUD. pic.twitter.com/wQuf3ny2vp
— Arthur Hayes (@CryptoHayes) March 29, 2023
Whales Push Up Bitcoin Price
CryptoQuant data reveals that whales are active again in the derivatives exchanges. Whale accumulation triggered crypto market recovery despite the Binance FUD.
On-chain analysis revealed a high flow of money to futures exchanges. The high flow indicates a period of whale accumulation and the low flow of funds is a period of whale distribution.
Typically, whale accumulation causes the BTC price to increase significantly. Whales took a buy-the-dip opportunity to accumulate Bitcoin when the price was trading under $27K. Whales have used futures exchanges to drive up Bitcoin price amid the low liquidity in the market. However, it has caused the volatility in the crypto market to likely increase.
Binance’s Spot Heatmap Thick ask liquidity is between $28K and $30K indicating upside momentum. Traders are looking for confirmations around $29K-$30K for the next move.
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