Bitcoin Whales Scoops 910k BTC; Good Chance To Breach $35k?

Bitcoin News: The biggest cryptocurrency, Bitcoin (BTC) registered a positive upward rally last week as major asset managers seek to launch a spot BTC exchange traded Fund (ETF). On-chain data suggests that Bitcoin whales played a crucial role in breaching the $30k price level in the recent rally.

Also Read: Ethereum Founder Feels Sorry For Solana; Here’s Why

Bitcoin Whales Upto Something Big?

Ali Charts, a crypto analyst mentioned that around 1.84 million wallet addresses scooped 910,000 Bitcoins. This accumulation came in between the price range of $29,930 and $30,800. However, the whale buying eventually resulted in Bitcoin breaching the vital $31k price level.

He suggested that it is important for Bitcoin to hold this demand ahead. As per the data, this is a good chance for BTC to run up towards $35,000 due to a lack of resistance in the way.

Bitcoin price is up by more than 14% in the last 30 days. BTC is trading at an average price of $30,918, at the press time. Its 24 hour trading volume is up by 24% to stand at $17 billion. Read More Bitcoin News Here…

Bitcoin price rally to breach $30K helped the entire crypto market to print some gains and reverse their loss. However, top cryptos like Ethereum (ETH) and XRP are still down by 1.5% and 4%, respectively.

Fidelity made it to the tally of the biggest asset managers seeking to launch Bitcoin ETF last week. However, this was Fidelity’s second attempt to list and trade shares of its Wise Origin Bitcoin Trust spot ETF. BlackRock (BLK.N), WisdomTree (WT.N), Invesco (IVZ.N) and VanEck earlier presented a request to do so.

It is important to note that the U.S. Securities and Exchange Commission (SEC) has rejected every request filed for spot BTC ETF. The commission is facing legal challenges from Grayscale over its decision to reject the conversions of its Bitcoin Trust into an ETF.