In a gripping turn of events, amid Bitcoin’s (BTC) recent tumbled price action, a whopping 12.7K BTC, worth $840 million, has been recorded to be shifted to accumulation addresses. Notably, a renowned crypto market analyst has recently taken to X, spotlighting the massive accumulations as BTC slipped to the $66K price level. This is likely due to a buy-the-dip sentiment prevailing in the industry, underscoring a strong sense of market confidence in the asset’s potential to pump ahead. Let’s delve deeper into BTC’s on-chain statistics.
12.7K BTC Moved To Accumulation Addresses
In a post shared by the analyst Ali Martinez, it was pointed out that the abovementioned amount was accumulated as the BTC price slipped to the $66K level yesterday, June 17. As mentioned above, this is likely due to a buy-the-dip sentiment, with traders entering the market at lower costs for higher gains.
However, BTC has further slipped below the $66K mark today, June 18, falling in line with $145.9 million outflows in the U.S. spot BTC ETFs. The Federal Reserve’s hawkish stance has seemingly triggered significant outflows, contributing to the price decline across the broader industry. Despite these factors, the substantial accumulations offer a glimmer of hope for the token’s future price movements.
Simultaneously, another renowned analyst, Crypto Rover, spotlighted the rapid decline in Bitcoin balance on exchanges as the price gradually rose above the $60K price level this year. Collectively, on-chain data shows burgeoning accumulations, painting a bullish portrait of BTC’s price action ahead.
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Bitcoin Price Slips, What’s Next?
In the interim, the BTC price fell 0.59% while writing to trade at $65,637.75 today. The flagship crypto’s 24-hour lows and peaks are $64,597.25 and $67,252.08, respectively.
Coinglass data showed a 0.70% drop in BTC’s Futures OI to $34.31 billion, whereas the derivatives volume rocketed 168.26% to $79.92 billion. This aligns with Bitcoin’s turbulent price action, which has been witnessed recently, driven by reduced investor interest and market activity.
Besides, the RSI was evaluated to be around 42, underscoring the presence of slight downside pressure with broader neutrality. This paves the way for a potential market takeover by bulls or bears ahead.
Intriguingly, another post by Martinez dated June 17 shows that $19.50 million will be liquidated in Binance alone if the BTC price reaches 67,450, coming as a hurdle. Nonetheless, if the BTC price manages to tackle this and surge ahead, $10B worth of short liquidations loom near the $72K price level, posing an optimistic factor for future movements.
In addition, its worth noting that despite Bitcoin already nearing its ATH, Michael Saylor’s MicroStrategy has announced plans to raise funds to further hoard the crypto, adding to optimism on future price movements.
\Also Read: Binance’s Key Announcement For WIF, BONK, FLOKI, NOT, ZK And 6 Other Crypto
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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