On March 26, the price of the leading cryptocurrency once again surpassed $71,000, gaining 6% in a day.
At the time of writing, the coin is trading at $71,260. Its market capitalization stands at $1.4 trillion with a trading volume of $45 billion, according to CoinGecko.
Following Bitcoin, all top-10 coins entered the “green zone.” Ethereum rose by 6% to $3675.
In the past 24 hours, positions worth $185 million were liquidated, with $127 million in longs.
Accumulation
Analytical firm Santiment reported that Bitcoin’s rebound “caught traders off guard,” as “key investors recorded the largest accumulation day.”
?? #Bitcoin has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key #Bitcoin stakeholders had one of their single largest accumulation days in years.
?51,959 collective #Bitcoin were accumulated by wallets that hold between 10-10K $BTC on… pic.twitter.com/vT4fRUVYs7
— Santiment (@santimentfeed) March 25, 2024
According to experts, on March 24, large holders (from 10 BTC to 10,000 BTC) collectively purchased 51,959 BTC (~$3.4 billion at the time).
“With three weeks left until the halving on April 19, it’s not surprising that these wallets continue to grow. This positively impacts the cryptocurrency’s market capitalization. Ideally, this ongoing accumulation should not occur entirely at the expense of whale and shark assets,” noted Santiment.
According to Glassnode, on March 25, the reserves of the first cryptocurrency on centralized exchanges reached a six-year low of 2.34 million BTC.
The total balance of digital gold in accumulation addresses also increased to over 3.2 million BTC, approaching a record level.
Analyst Rekt Capital noted that the leading cryptocurrency almost completely repeated the pre-halving pattern of 2020.
If this ends up being the end of the Pre-Halving Retrace…
Then Bitcoin will have almost equalled the 2020 Pre-Halving Retrace
Bitcoin pulled back -18% in this cycle whereas BTC retraced just over -19% in 2020$BTC #Crypto #Bitcoin pic.twitter.com/a6G92JbbmY
— Rekt Capital (@rektcapital) March 25, 2024
“Bitcoin pulled back 18% in this cycle, whereas in 2020 the asset declined by just over 19%,” he noted.
Technical analyst known as Ali observed Bitcoin breaking the upper boundary of an ascending triangle on a short interval.
It appears that #Bitcoin is breaking out of an ascending triangle on the lower time frames, which could see $BTC rise toward $71,800 as long as the $70,400 support holds. pic.twitter.com/CQUyrc9vkv
— Ali (@ali_charts) March 26, 2024
In his view, the asset could rise to $71,800 as long as support at $70,400 is maintained.
Earlier, analysts at Bernstein considered the correction to around $63,000 a good buying opportunity “at the lows” before the halving. Subsequently, experts revised their Bitcoin forecast from $80,000 to $90,000 by the end of the year.