There are various reasons for the recent increase in the price of Bitcoin (BTC), many of which bear the responsibility of whale purchasers. Bitcoin whales have been on an accumulation binge over the past two months as the broader market has seen the market decline, according to data from crypto analytics service Santiment.
Santiment sentiment
Santiment observed that whales had been actively collecting Bitcoin while carrying between 1,000 and 10,000 coins. Since the first week of April, these “whales” have significantly amassed a total of $3.6 billion in Bitcoin, which has significantly influenced recent price runs above $27,000.
Since the beginning of the month, the price of bitcoin has been incredibly erratic. Although the digital currency’s growth prognosis has been largely favourable since the beginning of the year, it is still a significant factor in the market’s frequent negative turns.
All things considered, the coin’s movement suggests that investors are aware of its immunity from the recent wave of cryptocurrencies that have been classified as securities by the United States Securities and Exchange Commission (SEC). Many in the cryptocurrency industry think that the only virtual currency that does not fall within the regulator’s definition of a security is Bitcoin.
This possible immunity will undoubtedly support the cryptocurrency’s stability over time.
Bitcoin price outlook
According to statistics from CoinMarketCap, Bitcoin is currently trading at a price of $27,003, up 1.54% over the previous 24 hours. With gains reaching more than 2.7% during the previous week, the cryptocurrency looks to be reducing its losses.
Due to the possible accumulation and the impending halving event, the outlook for Bitcoin is favourable. BlackRock’s decision to submit an application for a spot Bitcoin ETF has been perceived favourably by the market as a whole.
