Richard

2024

Wednesday

Bitcoin

<p>The post <a href="https://coinpedia.org/news/bitcoin-news-today-whale-activity-sparks-bitcoin-rally-over-30k-btc-purchased-in-two-days/">Bitcoin News Today: Whale Activity Sparks Bitcoin Rally; Over 30k BTC Purchased in Two Days</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After opening the week on a bearish note, Bitcoin (<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>) led the altcoin industry in a general rebound in the past 48 hours. The flagship coin rallied around 2 percent in the past 24 hours to reach a daily high of about $57,267. Consequently, the total crypto market cap rallied around 3 percent to reach $2.1 trillion on Wednesday during the early European session.</p> 
<p>The notable rebound in Bitcoin and crypto in the past two days has occurred in tandem with major global stock indexes.&nbsp;</p> 
<p>Furthermore, the US has scheduled to begin its treasury buyback operations today and continue in the coming weeks for a total of about $50 billion.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-whales-seize-the-opportunity-nbsp">Bitcoin Whales Seize the Opportunity&nbsp;</h2> 
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> The crowd played a massive part in crypto rebounding over the past 30 hours. Bitcoin's rapid bounce back to $57K came immediately after social media proclaimed we were about to see $40K-$45K BTC again. Instant bounces after bearish sentiment is a common theme throughout 2024. <a href="https://t.co/w1LfPZNaqH">pic.twitter.com/w1LfPZNaqH</a></p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1820921893555233008?ref_src=twsrc%5Etfw">August 6, 2024</a>
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<p>The recent <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> rebound has coincided with a significant drop in the fear and greed index to below 20 percent, which indicates extreme fear. However, on-chain data shows that long-term Bitcoin investors have been on a buying expedition regardless of price volatility.</p> 
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   <p lang="en" dir="ltr">Whales are accumulating <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> like never seen before. <br><br>Something is coming big time <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://t.co/UZdNrUyo5h">pic.twitter.com/UZdNrUyo5h</a></p>— Vivek
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Vivek4real_) <a href="https://twitter.com/Vivek4real_/status/1820928615250375083?ref_src=twsrc%5Etfw">August 6, 2024</a>
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<p>According to on-chain data from Santiment, Bitcoin whales purchased more than 30k BTC units in the past two days, worth approximately $1.62 billion. Consequently, the Bitcoin supply on centralized exchanges has dwindled in the past few days.</p> 
<p>Nevertheless, the US spot Bitcoin ETFs have performed poorly in the past three days compared to Ethereum’s. On Tuesday, the US spot Bitcoin ETFs registered a net cash outflow of about $148 million led by Fidelity’s FBTC and Grayscale’s GBTC.</p> 
<h2 class="wp-block-heading" id="h-is-btc-s-macro-bottom-in-yet">Is BTC’s Macro Bottom In Yet?</h2> 
<p>Having retested the psychological support level around $49k in the recent crash, Bitcoin price has signaled a possible rebound to a new all-time high soon. According to veteran trader Peter Brandt, the current post-halving corrections for Bitcoin price are similar to the 2015-2017 cycle.&nbsp;</p> 
<p>However, Brandt reminds traders that post-halving corrections in the past two cycles indicate that a new bull cycle high could be many weeks from now.</p> 
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   <p lang="en" dir="ltr">The inverted right angled broadening triangle was coined by Richard W Schabacker in his 1934 book Technical Analysis and Stock Market Profits (se below)<br>Also shown is the chart of Bitcoin <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <br>While the upper boundary is not horizontal, I still think the two match up well <a href="https://t.co/T85WqDKotz">pic.twitter.com/T85WqDKotz</a></p>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820979019111653779?ref_src=twsrc%5Etfw">August 7, 2024</a>
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<p>Meanwhile, Brandt highlighted that Bitcoin price has formed an inverted broadening triangle similar to the 2020 black swan.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/bitcoin-bounces-back-is-this-a-temporary-recovery-or-start-of-a-bear-market/" target="_blank" rel="noreferrer noopener">Crypto Market Today: Is This Just a Correction or the Start of a Bear Market?</a></p>

Bitcoin News Today: Whale Activity Sparks Bitcoin Rally; Over 30k BTC Purchased in Two Days

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