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

The post Bitcoin News Today: Whale Activity Sparks Bitcoin Rally; Over 30k BTC Purchased in Two Days appeared first on Coinpedia Fintech News

After opening the week on a bearish note, Bitcoin (BTC) 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.

The notable rebound in Bitcoin and crypto in the past two days has occurred in tandem with major global stock indexes. 

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.

Bitcoin Whales Seize the Opportunity 

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. pic.twitter.com/w1LfPZNaqH

— Santiment (@santimentfeed) August 6, 2024

The recent Bitcoin price 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.

Whales are accumulating #Bitcoin like never seen before.

Something is coming big time pic.twitter.com/UZdNrUyo5h

— Vivek (@Vivek4real_) August 6, 2024

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.

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.

Is BTC’s Macro Bottom In Yet?

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. 

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.

The inverted right angled broadening triangle was coined by Richard W Schabacker in his 1934 book Technical Analysis and Stock Market Profits (se below)
Also shown is the chart of Bitcoin $BTC
While the upper boundary is not horizontal, I still think the two match up well pic.twitter.com/T85WqDKotz

— Peter Brandt (@PeterLBrandt) August 7, 2024

Meanwhile, Brandt highlighted that Bitcoin price has formed an inverted broadening triangle similar to the 2020 black swan.