In a surprising move, Bitcoin whales have significantly increased their holdings in the digital currency amidst a recent price drop. These major investors, known for their substantial influence in the crypto market, have amassed over 100,000 BTC, valued at around $7 billion, within just a week.
This substantial investment signals a strong vote of confidence in Bitcoin's long-term prospects. Such actions by influential market players often lead to notable market shifts, hinting at a potentially bullish trajectory for Bitcoin's future.
Despite the whales' aggressive accumulation, Bitcoin has experienced a downward trend in the past 24 hours, dipping below the $70K mark. The cryptocurrency opened the day at $71.22K, reaching an intraday low of $69.448K before stabilizing around $69.77K. This represents a 1.39% decrease for the day, accompanied by a decline in market capitalization to $1.369 trillion and a 23.13% drop in intraday trading volume to $33.892 billion.
Technical analysis on the 4-hour chart suggests a bearish trend, with the Moving Average Convergence Divergence (MACD) indicator trending downward. The histogram bars flattening near the zero line indicate a potential imminent price decrease, while the Relative Strength Index (RSI) suggests a weakening of buying pressure, possibly leading to a downward price movement.
If the bearish trend persists, Bitcoin's price may target the 50% Fibonacci retracement level as immediate support. Conversely, a resurgence of bullish momentum could propel the price toward the 78% Fibonacci level, serving as significant resistance above the $70K threshold.
Ross Ulbricht, founder of Silk Road, was granted a full pardon by President Trump after 11 years in prison. He expressed gratitude for his release and is now focused on reuniting with his family and rebuilding his life.
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