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Bitcoin Whales Scoop Up More BTC After US Macro Outlook Worse Than Expected
- BTC’s slight dip following US CPI data quickly reversed with whale purchases, now trading around US$70,980.
- Whale Alert reports movement of 5,000 BTC worth US$351.2 million, highlighting active market participation.
- Analysts predict that halving discussions might signal FOMO at peaks or provide a buying opportunity at troughs, with the market potentially only 36% into its bull run.
The crypto market has slightly dipped in response to recent CPI data out of the United States, which had sent major indices into a slight correction initially. Yesterday Bitcoin traded at US$71,244 (AU$109,235) and briefly fell to US$69,950 (AU$107,251) on the news.
Related: Market Analyst Pav Hundal Says “Bitcoin Shows Hot and Cold Signals” Read His Technical Insights Here
The dip was enough for some whales to load up on BTC, sending the number one crypto back above US$71k (AU$108k) earlier today, where it is hovering around US$70,980 (AU$108,830) at the time of writing.
After the 7% correction BTC regained 4.6%, providing a good dip buying opportunity. According to blockchain tracker and analysts Whale Alert, 5,000 Bitcoin worth US$351.2 million (AU$538.4 million) have been moved in the past few hours, showing that someone is paying attention.
Crypto Analysts React to Latest Market Movements
Popular trader Jelle reminded everyone to “stick to the plan” hinting that green candles and the positive price performance mean things are playing out as expected.
Analyst, and creator of the Bitcoin ‘stock-to-flow’ model, PlanB said that the actual bull run hasn’t even started yet.
And Rekt Capital, another popular analyst reminds us not to forget about the upcoming halving – and that, based on historical data, the bull market is only 36% complete:
Data analytics wizards at Santiment said as BTC approaches its final week before the halving, interest in the subject has surged to its highest point of the year. This heightened attention could indicate potential price reversals in the crypto markets, despite the overall flat market trends, suggesting minimal impact from this peak interest, they added.
Related: Grayscale ETF Outflows Slow Down, as BlackRock’s IBIT Takes in $15 Billion in Cash
The spikes in this topic should be received as high confidence price reversals for crypto markets. Markets have been mostly quite flat, which means this spike won’t be a major difference maker.
Santiment However, should BTC approach all-time high levels soon, the analysts believe elevated halving discussions could signal FOMO, marking a possibly brief peak.
On the flip side, they said a drop in prices towards US$67k (AU$103k) accompanied by increased halving chatter should be seen as FUD, presenting a solid buying opportunity.
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Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
