Bitcoin Price Up 4.4% Today amid Rising Demand from Whale InvestorsSteve Muchoki24 mins
Bitcoin whales increase accumulation rates
Bitcoin prices rose 4.4% today amid growing demand from whale investors
Steve Muhoki 25 mins ago
Photo: Depositphotos
Bitcoin's dominance gradually rose above 56% in response to poor performance of spot ether ETFs over the past 3 days.
Cryptocurrency market capitalization has risen more than 3% over the past 24 hours to around 2.51 trillion dollars, supported by a mild Bitcoin (BTC) price pump. The flagship coin has risen more than 4% over the past 24 hours and briefly reached a one-day high of $67,452 on Friday during the early Asian session. As a result, Bitcoin's price showed bullish momentum after consistently closing above the 50 and 200 daily moving averages (MA).
Furthermore, Bitcoin's dominance recorded the highest daily closing price of around 56.50% on Thursday.
According to crypto analyst Benjamin Cowen, Bitcoin's dominance could easily reach 60% over the next few months before starting a long-awaited reversal to trigger the macroalto season.
Bitcoin whales increase accumulation rates
Since the flagship coin has been identified as reliable digital gold, more institutional investors are pouring more money into Bitcoin and related products. For example, Marathon Digital Holdings Inc. (NASDAQ: MARA) announced on Thursday that after acquiring BTC worth 0.1 billion dollars, it adopted a complete Bitcoin plan and joined MicroStrategy Inc (NASDAQ: MSTR) and other public companies.
According to on-chain data provided by CryptoQuant, long-term Bitcoin holders have been actively accumulating more coins over the past year. As a result, the supply of bitcoins on centralized exchanges has gradually declined recently and reached a low for the first time in several years.
According to Spot On Chain's on-chain data analysis, smart whales have accumulated 1,147 bitcoins worth over 75 million dollars from Binance over the past 9 days. Notably, BlackRock's IBIT was the only spot Bitcoin ETF issuer to record a positive cash inflow of around $70.75 million on Thursday.
Meanwhile, more investors have diversified their crypto portfolios through recently approved spot Ethereum ETFs. Apart from Grayscale eThe, which recorded a net cash outflow of around 0.3 billion46 million dollars, the majority of spot Ether ETF issuers reported positive cash inflows on Thursday.
Economic outlook
The correlation between Bitcoin and the stock market has declined drastically over the past few months, but the recent stock market crash has affected the entire crypto industry. Furthermore, Bitcoin is highly adopted by the same institutional investors that have invested in the stock market.
Nevertheless, crypto liquidity is expected to improve substantially over the next few months amid the upcoming US general election. Additionally, the US Federal Reserve is likely to launch long-awaited rate cuts, similar to China, the Bank of Canada, and the European Central Bank (ECB).
Mid-term price forecast
Bitcoin's price is on the verge of retesting an all-time high above 0.07 million3 thousand dollars in the short term after forming higher highs and higher lows over the daily time frame. Furthermore, Bitcoin's price suggested a potential bullish breakout as the 1-hour Relative Strength Index (RSI) broke out of its downward trend.
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