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Bitcoin Surges To $70K Amidst Major Accumulation, Mixed Signals Ahead

Bitcoin surprised traders yesterday with a sudden surge to $70,000, catching many off guard. This ascent coincided with one of the largest accumulation days for Bitcoin stakeholders in recent memory.

On Sunday alone, wallets holding between 10 and 10,000 BTC accumulated a total of 51,959 Bitcoin. This significant accumulation represents 0.263% of the entire available supply in just one day.

As the halving on April 19th approaches, it’s expected that these wallets will continue to grow, potentially boosting the overall market caps across the cryptocurrency landscape.

However, it’s crucial that this accumulation doesn’t come at the expense of large holders of stablecoins like USDT and USDC. These reserves, often referred to as “dry powder,” are essential for maintaining the ability to quickly swap for more cryptocurrency when opportunities arise.

Bitcoin Could Break Resistance Soon Following This Pattern

Analysts, such as Ali Martinez on X, are observing mixed signals in the Bitcoin market. While the TD Sequential indicator suggests a potential sell-off, Bitcoin is also showing signs of breaking out of an ascending triangle pattern on shorter time frames.

This breakout could propel Bitcoin towards $71,800, provided that the support level at $70,400 holds firm.

According to data from Spotonchain, the net inflow for Bitcoin ETFs on March 25, 2024, amounted to $15.4 million. This marks a reversal from the previous week’s negative trend. 

Notably, Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the highest single-day net inflow at $261.8 million, while Grayscale Bitcoin Trust (GBTC) saw a significant single-day net outflow of $350.1 million.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.