2024

Bitcoin

Billion

<p>The post <a href="https://coinpedia.org/news/is-bitcoin-making-a-comeback-whales-acquire-47k-btc-at-2-8-billion-in-a-day/">Bitcoin Price Back in Action? Whales Accumulate $2.8 Billion BTC in 24 Hours</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Who can predict what will happen next in the crypto world? Now, big players or “whales” are causing a stir, leading to a surge in the market over the past day. On May 3, the total market value rocketed to $2.18 trillion, marking a significant 2.80% increase. </p> 
<p>But what’s really turning heads is <a href="https://coinpedia.org/price-analysis/bitcoin-recovers-finely-yet-the-bearish-clouds-haunt-the-btc-price-rally/">Bitcoin’s resilience</a>, seemingly poised for a comeback, fueled by a massive accumulation of over $2.8 billion worth of BTC in just 24 hours.</p> 
<h2 class="wp-block-heading" id="h-whale-watch">Whale Watch </h2> 
<p>Earlier this week, the recent downturn in <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin’s price</a> to $56,555 triggered a broader decline across the crypto market, echoing the ongoing market consolidation since mid-March.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> whales accumulated 47K <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> in the past 24 hours. We're entering a new era. <a href="https://t.co/SXgzToN8GU">pic.twitter.com/SXgzToN8GU</a></p>— Ki Young Ju (@ki_young_ju) <a href="https://twitter.com/ki_young_ju/status/1786329424633516461?ref_src=twsrc%5Etfw">May 3, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>However, amidst the turbulence, there’s a glimmer of hope according to the latest on-chain data. In the past day, whale wallets have surged by 47,500 BTC, valued at $59,000 each, totaling a staggering $2,802,500,000. This surge in whale activity has pushed the total BTC balance of active giants to 498.1K tokens, equivalent to a colossal $29.38 billion.</p> 
<h2 class="wp-block-heading" id="h-experts-weigh-in"><strong>Experts Weigh In</strong></h2> 
<p>Digging into the numbers, CryptoQuant expert Dan has analyzed Bitcoin’s Spent Output Profit Ratio (SOPR) and the <a href="https://coinpedia.org/traders/what-is-bollinger-band-in-crypto-trading/">Bollinger Bands</a> technical indicator, signaling a potential short-term turnaround. According to him, when the SOPR hits the bottom of the band, bull markets tend to rally, which seems to be unfolding now. Dan also noted a dip in general buyer optimism amid the market correction, hinting at a potential rebound.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> – Possibility of a short-term rebound<br><br>“Generally, in a bull market, a short-term rebound often occurs when the short-term SOPR reaches the bottom of the Bollinger Band.” – By <a href="https://twitter.com/DanCoinInvestor?ref_src=twsrc%5Etfw">@DanCoinInvestor</a> <br><br>Full post <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/ascQ0KwEIN">https://t.co/ascQ0KwEIN</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1786334975828045932?ref_src=twsrc%5Etfw">May 3, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-market-intelligence-reveals-insights"><strong>Market Intelligence Reveals Insights</strong></h2> 
<p>Adding weight to the optimism, market intelligence leader IntoTheBlock (ITB) highlighted Bitcoin’s recent drop to around $56,000, aligning with historical patterns in terms of holder losses. ITB identified the $58,000 range as a crucial support zone, cautioning of potential selling pressure around $62,000 if the market climbs higher, bolstering hopes for a short-term breather.</p> 
<p>As of the latest data, Bitcoin has shown signs of resilience, currently trading at $61,721, marking a robust 5% gain from the previous day’s $58,000 level. However, the stakes remain high; failure to rebound above $59.7K before closing could signal a descent to $48K.</p> 
<p>With optimism running high, investors eagerly await further market growth and potential milestones in the cryptocurrency sphere. The stage is set, the players are in position, and all eyes are fixed on the prize as the crypto market braces for what lies ahead.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/why-this-is-the-best-time-to-buy-bitcoin/">Why This Is the Best Time To Buy Bitcoin?</a></p> 
<p><strong>With whales on the move, the crypto market’s next chapter is unwritten. Is this the turning point, i.e. bull run we’ve been waiting for? </strong></p>

Bitcoin Price Back in Action? Whales Accumulate $2.8 Billion BTC in 24 Hours

Table of Contents

CoinPedia News

Other articles published on May 4, 2024

Justin Bons Criticizes Altcoin for Lack of Transparency: Impact on Coin’s Value and Symbol

Crypto Whales Make Big Bets on $PEPE, $LINK, $UNI, $MKR, and $ENS Amid Market Rebound

Fantom Revival: Crypto Analyst Predicts A Jump To $1.2 For FTM Price

Google moves offices from USA to countries with ties to the BRICS Bloc

Swarm Network Announces Finalization of Swarm 2.0 Roadmap with Bonding Curve Shutdown

Edward Snowden Sounds Alarm on Bitcoin (BTC): Time-Sensitive Crypto Warning Issued

Join our free newsletter for daily crypto updates!