Bitcoin briefly dipped below $60,000 before resuming its rally. In this timeframe, 3,661 whale transactions, each over $1 million, occurred. Bitcoin trading volumes surged, nearing $100 billion in the last 24 hours.
Bitcoin, the biggest cryptocurrency, has been on an impressive price surge, reaching $64,000. It’s now only 10% away from its highest ever price, making investors excited. The Bitcoin Exchange-Traded Funds (ETFs) have seen significant trading, adding to the enthusiasm. Plus, anticipation for the upcoming Bitcoin halving is keeping optimism high among investors.
Bitcoin Faces Resistance at $63,750 Amidst Partial Reversal
As Bitcoin surged to $64,000, it encountered resistance at $63,750, prompting a partial reversal. Despite this, Bitcoin remains up by 8.26% over the past 24 hours, trading at $61,686 with a market cap of $1.21 trillion.
Over a span of 12 hours, the crypto market experienced liquidations totaling $580 million, comprising $308 million from long positions and $276 million from short positions, according to Coinglass data.
Following a pullback below $60,000, Bitcoin is once again on the rise, supported by robust on-chain metrics. On-chain activity for Bitcoin has surged to levels not witnessed since 2022.
On-Chain Metrics Highlight Strong Bitcoin Activity
- $35.37 billion in on-chain transaction volume.
- Movement of over 283,000 unique tokens.
- Notable occurrence of 3,661 whale transactions, each valued at $1 million or more.
📊 Justifying #Bitcoin's historic run to a $64K high today, #onchain activity on #crypto's top network has already exceeded levels not matched since 2022.
📌$35.37B in #onchain transaction volume
📌283K unique tokens moved
📌3,661 $1M+ whale transactionshttps://t.co/xDVSCxMg4v pic.twitter.com/EKVWgC2bWa— Santiment (@santimentfeed) February 28, 2024
Crypto analyst Ali Martinez notes that Bitcoin encounters minimal resistance ahead, with substantial support observed in the price range of $54,300 to $56,200. Approximately 903,540 addresses have accumulated nearly 500,000 BTC within this range, signaling robust buying interest and reinforcing Bitcoin’s support levels.
US Government Wallets Transfer Nearly $1 Billion Worth of Bitcoin
Blockchain-data firm Arkham Intelligence identified a wallet holding seized Bitfinex hacker funds on behalf of the US government. Around 18:39 UTC (1:39 pm ET), the wallet initiated the transfer of 1 BTC, followed by the remaining 2,817 BTC approximately thirty minutes later, effectively emptying the wallet. These transactions amounted to around $173 million worth of bitcoin.
Subsequently, another wallet containing about 12,300 BTC transferred 0.01 BTC to an unidentified address before sending out the remainder of the BTC. These transfers totaled approximately $750 million, bringing the combined value of bitcoin transferred from the two wallets to about $923 million, based on the current price of the leading cryptocurrency.
Potential Impact on Bitcoin Market
The substantial transfers from US government-held wallets could potentially exert selling pressure on Bitcoin. However, the $1 billion sell-off represents less than 0.01% of the total Bitcoin market cap.
Whistleblower Edward Snowden suggested the possibility of the US government secretly buying Bitcoins this year to alleviate its national debt.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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