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. https://twitter.com/santimentfeed/status/1772295815421362413?t=2LQ_YWxL7frGnc94PqHjRw&s=19 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 […]