Bitcoin Whales Make Massive Move as Bitcoin Price Surges to $65K – Are Bulls Back?

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Throughout the week, both Bitcoin and altcoins experienced a continuous drop in value, which began following increased tensions between Iran and Israel over the weekend. This decline led Bitcoin to fall below $60,000, sparking worries among investors.

Meanwhile, such a drop made some investors nervous and caused them to stay away from the market, others saw it as an opportunity and increased their purchases.

Bitcoin Whales Buying The Dip

Recent data suggests that large Bitcoin holders, known as whales, may have seized the opportunity to accumulate more of the cryptocurrency during its recent price dip. Analysis of wallet addresses holding over 0.1% of the total Bitcoin supply reveals a notable uptick in accumulation activity.

Bitcoin whales may have finally started buying the dip

Yesterday, the biggest Bitcoin holders, holding over 0.1% of the total supply, collectively added 19,760 Bitcoins to their holdings at an average price of $62.5k. Historically, accumulations by these addresses have often… pic.twitter.com/c8K5uhkna4

— IntoTheBlock (@intotheblock) April 19, 2024

According to data, wallet addresses holding over 0.1% collectively added 19,760 Bitcoins to their holdings on the 18th of April acquiring them at an average price of $62.5k per Bitcoin. 

This significant accumulation event has caught the attention of market observers, given the historical significance of such actions.

Massive 16,276 BTC Transfer

However, Whale Alert, a renowned blockchain tracker platform, reportedly detected a massive transfer of 16,276 Bitcoins, worth approximately $1 billion, from an unidentified wallet to Binance, a major cryptocurrency exchange.

16,276 #BTC (1,006,601,602 USD) transferred from unknown wallet to #Binancehttps://t.co/84qs00PLrp

— Whale Alert (@whale_alert) April 18, 2024

As of now, the exact reason behind the transaction remains shrouded in mystery, leaving room for speculation within the cryptocurrency community.

Historical Patterns Hint at Bullish Momentum

Accumulation by large Bitcoin holders has historically served as a precursor to upward price movements in the cryptocurrency. Past instances of significant whale accumulation have often been followed by notable increases in Bitcoin’s price, leading many analysts to view whale activity as a bullish signal for the market.

Currently, Bitcoin is priced at $65,023, reflecting a 4.55% increase in the last 24 hours. This surge has propelled Bitcoin’s market capitalization to $1.27 trillion.