In the background of Bitcoin’s highly turbulent price action in recent days, BTC accumulations have considerably risen. In a post shared by a renowned crypto market analyst today, May 31, it was brought to attention that nearly $2.5 billion worth of BTC has been withdrawn from exchanges in the past 72 hours, causing a bustle across the global crypto realm.
The data on BTC accumulations has set the stage for a significant upward price action for Bitcoin, a development eagerly anticipated by crypto market participants post-halving. Here’s a closer look at the reasons behind this expectation:
BTC Accumulations Ignite Market Optimism
According to Ali Martinez’s post on X, the Bitcoin exchange reserve has seen a notable fall as BTC’s price gained upside momentum towards its ATH in recent days. This potentially hints at increased confidence among crypto investors surrounding the flagship crypto’s future price movements.
Meanwhile, this optimism comes in tandem with another bullish event unfolding in the crypto-trading landscape. Data by Farside investors illustrated that Bitcoin ETFs have recorded inflows for the 13th consecutive day as of May 30. Fidelity Wise Origin Bitcoin Fund (FBTC) recorded the most inflows, worth $119.1 million, whereas ARK 21Shares Bitcoin ETF (ARKB) saw outflows worth $99.9 million.
Nonetheless, market data collectively paints a bullish portrait of BTC in its re-accumulation period post-halving. It’s also worth mentioning that BTC briefly topped the $70K mark this week on May 27, whereas as soon as the token tumbled, 37K BTC has been accumulated to date, as mentioned above. This hints that further pumps might be in the pipeline.
Also Read: Bitcoin Price Sees Recovery After US PCE Inflation Data
Bitcoin Price Today
Whereas, while writing, Bitcoin’s price illustrated a 1.03% upswing in the past 24 hours, reaching $68,748.37. The token’s 24-hour lows and highs are $67,869.22 and $69,500.54, respectively.
BTC’s futures OI saw a 0.18% jump to $34.61 billion, further accompanied by a 3.75% derivatives volume upsurge to $51.09 billion. This data flagged a market uptrend for BTC at press time, falling in line with today’s rising price action.
Besides, even the RSI hovered at 56, indicating the presence of some upside momentum despite broader neutrality. Moreover, the technical indicators signal a strong buying sentiment prevailing in the market.
Collectively, the market data has added a bullish splash to BTC’s current price movements and future price actions. Also, this year’s pivotal juncture, BTC halving, is yet to cause a potential parabolic uptrend in the token. Crypto market participants expect a snowball effect to kick in the BTC price soon.
Also Read: Shiba Inu Coin: Over 4 Tln SHIB Transferred To Exchanges, Price At Risk?
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.
✓ Share: