Bitcoin’s pre-halving retrace may already be over following one of the largest accumulation days in years, which saw Bitcointhat Bitcoin just “caught traders off guard” with a rebound as “key stakeholders” had a huge accumulation day over the weekend.on March 24 worth around $3.4 billion at the time, the firm revealed. It added that this equates to 0.263% of the entire currently available supply being accumulated in one day.
As the Bitcoin halving approaches, three weeks away on or around April 19, “it would be unsurprising to see these wallets continue to grow, resulting in a positive impact on crypto-wide market caps,” it noted.Crypto analysts were concerned about a more sizeable pre-halving retrace, assuming that history would rhyme with previous market cycles.
BTC was trading up 5.2% on the day at $70,252 at the time of writing after hitting an intraday high of $71,000 in late trading on March 25.
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