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.
- Pump.fun Rival Zora Rallies Over 30% Following Robinhood Listing
- Peter Brandt Lists XRP Among Shorts Amid Crypto Market Crash
- Fed’s John Williams Backs More Rate Cuts This Year Amid Labor Market Concerns
- Bitcoin Edges Higher as Fed Chair Jerome Powell Fails to Comment on Monetary Policy
- Flare Network Surpasses $43M in Bridged XRP, Expert Predicts Breakout to New ATH
- Dogecoin Price Outlook as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
- Solana Price Prediction as SOL DAT Company Plans 5% Supply Acquisition—Analyst Targets $1,300 Breakout
- Bitcoin Price Prediction as US Govt. Shutdown Extends- What’s Next for BTC?
- Solana Price Megaphone Points to a Parabolic Move as SOL Treasuries Near $3B
- XRP Price Prediction Amid ETF Approval Roadblock as Analyst Warns of $2.72 Dip
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
