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$1.23 Billion in Bitcoin Moved in One Day: What Happened?

Ali, a crypto analyst, reported this massive influx of Bitcoin into accumulation addresses, which are typically associated with investors who hold their assets for long-term value appreciation, rather than engaging in frequent trading.

The timing of this move is particularly noteworthy. It comes at a time when the market is facing a downturn, with prices dropping across the board. Bitcoin’s price fell to $58,414 at the start of the week, the lowest since May 3.

This “drop” in value prompted short-term selling as traders and investors sought to reduce their losses. However, in this instance, a contrarian approach was taken, with a significant investment made into Bitcoin, signaling a belief that the market might rebound.

According to the chart presented by Ali, on June 27, over 20,200 BTC, worth $1.23 billion were funneled into accumulation addresses. This type of behavior is commonly interpreted as a bullish signal, and the market’s reaction in the aftermath is being carefully watched.

Bitcoin has lost roughly 10% of its value in June. It temporarily touched $71,000 at the beginning of June but has since declined steadily. Since March, the flagship cryptocurrency has been trapped in the $60,000 to $70,000 level.

At the time of writing, Bitcoin was down 0.26% to $60,916 and has been trading in a tight range since recovering from Monday’s lows of $58,414.

This article was originally published on U.Today


Source: Cryptocurrency - investing.com

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