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Bitcoin Whales Drive Price Back Towards Highs 🐋

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Bitcoin Chart

BTC Sees Fresh Rally

Bitcoin Whales Drive Price Back Towards Highs. Bitcoin is back in the spotlight today after a more than 12% rally in the futures market yesterday. BTC futures gapped higher at the open and continued to find demand throughout the session, remaining in the green so far today also. BTC bulls look to be regaining momentum following the correction lower from the recent breakout to fresh, record highs. With the FOMC having passed and the Fed reaffirming its expectations for three rate-cuts this year, focus now turns to the upcoming halving event in April (April 19th).  

Halving Event in Sight

The halving event has been one of the key drivers behind the move higher in BTC over recent months. With the supply of BTC to be reduced further, expectations of a fresh bullish cycle kicking in have stoked early demand. Indeed, this has come at a time when institutional players have been able to access Bitcoin for the first time, creating firmly bullish conditions. However, the recent pullback has seen many questioning whether Bitcoin is experiencing another bubble and if a fresh reversal lower is on the cards. Some players have suggested that the run up ahead of the halving event this time makes the market vulnerable to a “buy the rumour, sell the news” dynamic.

Whales Buying Back In

Looking at recent industry data shows, we can see that whales (accounts holding +1000 Bitcoin) were buying heavily again over the weekend. According to CoinTelegraph, around $3.4 billion BTC was bought over the weekend, hence the gap higher at the open. For now, the focus remains on further upside in the run up to the halving event though traders should be wary of further volatility if we retest highs.

Technical Views - BTC

Following the correction lower and the breakdown through the bull channel lows, price has since found strong support into 60695 and is now climbing higher. The market is currently testing back above the 69355 (prior all-time highs) and with momentum studies bullish, focus is on a fresh test of the current YTD highs at 74325. Finally, we have a bullish signal in the Signal Centre today set below market at 68250, suggesting a preference to stay long into any dips from current levels.

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