Home CryptocurrencyBitcoin Is Bitcoin's Pre-Halving Pullback Over? 52K BTC accumulated on Sunday alone

Is Bitcoin's Pre-Halving Pullback Over? 52K BTC accumulated on Sunday alone

by SuperiorInvest

Bitcoin's pre-halving pullback may already be over after one of the biggest accumulation days in years, which saw Bitcoin reclaim the $71,000 price level.

On March 25, blockchain analysis firm Santiment reported that Bitcoin simply “caught traders off guard” with a bounce as “key stakeholders” had a big day of accumulation over the weekend.

The wallets, which it calls 'sharks' and 'whales' containing between 10 and 10,000 coins, accumulated 51,959 BTC on March 24, the company revealed. He added that this is equivalent to 0.263% of all currently available supply being accumulated in one day.

As the Bitcoin halving approaches, three weeks away around April 19, “it would not be surprising to see these wallets continue to grow, resulting in a positive impact on cryptocurrency market caps” , he pointed.

Source: Sentiment

Crypto analysts were worried about a more significant pullback ahead of the halving, assuming the story would rhyme with previous market cycles. However, BTC only fell about 17% from its March 14 all-time high of $73,738, falling to $61,494 on March 20, according to CoinGecko.

Technical analyst 'Rekt Capital' saying that if this ends up being the end of the pre-halving pullback, Bitcoin will have almost equaled the 2020 pre-halving pullback.

“Bitcoin fell -18% in this cycle, while BTC fell a little more than -19% in 2020,” he noted.

Fountain: Capital Rekt

The analyst had previously predicted that this pre-halving pullback “would be more likely to be on the shallower side than the deeper side” and could also be much shorter than it has been historically.

Related: Trading Bitcoin Halving: 3 Traders Share Their Thoughts

Reporting on market volatility and last week's decline on March 25, cryptocurrency research firm Kaiko revealed that after an analysis of buy and sell orders, “sales intensified after the market closed US”.

He concluded that “liquidity in the cryptocurrency market is not only fragmented among exchanges but also among trading pairs.”

BTC was trading up 5.2% on the day at $70.2525 at the time of writing after hitting an intraday high of $71,000 in late trading on March 25.

Magazine: 'I'm sorry? No' — founder of 3AC. $6 billion in BTC laundered for fast food workers: Asia Express

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