Bitcoin whales have added over $2.9 billion worth of BTC, which helped it recover above the $60,000 mark, but can Bitcoin price close the week above $60,000?Bitcoin whales, which are large wallets holding at least 100 BTC, have accumulated over 47,000 BTC worth over $2.9 billion at current prices, noted Ki Young Ju, the founder and CEO of CryptoQuant, in a May 3 XKi Young Ju
The chart excludes wallets related to centralized exchanges and mining firms. While the metric includes spot Bitcoin exchange-traded funds , they are not the reason behind the uptick, according to CryptoQuant’s founder:Spot Bitcoin ETF inflows have indeed turned negative. The 11 U.S.
“Looks like it was just a downside wick. Weekly Close just like this would confirm this pool of liquidity as secured support.”“Bitcoin still has one week left in the Post-Halving"Danger Zone" . Therefore continued downside below the Re-Accumulation Range Low would not be out of the ordinary by standards of 2016 history.
“The overall market sentiment improved due to the Fed showing signs of injecting liquidity into the economy. The U.S. announced that the seasonally adjusted nonfarm employment increased by 175,000 in April, and the unemployment rate rose to 3.9%, lower than the expected increase of 243,000 nonfarm jobs and an unemployment rate of 3.8%.”
Bitcoin traders should keep a close eye on the $60,000 mark. A move below that level would liquidate over $700 million worth of leveraged long positions across all exchanges, according toThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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