Who can predict what will happen next in the crypto world? Now, big players or “whales” are causing a stir, leading to a surge in the market over the past day. On May 3, the total market value rocketed to $2.18 trillion, marking a significant 2.80% increase.
But what’s really turning heads is Bitcoin’s resilience, seemingly poised for a comeback, fueled by a massive accumulation of over $2.8 billion worth of BTC in just 24 hours.
Earlier this week, the recent downturn in Bitcoin’s price to $56,555 triggered a broader decline across the crypto market, echoing the ongoing market consolidation since mid-March.
However, amidst the turbulence, there’s a glimmer of hope according to the latest on-chain data. In the past day, whale wallets have surged by 47,500 BTC, valued at $59,000 each, totaling a staggering $2,802,500,000. This surge in whale activity has pushed the total BTC balance of active giants to 498.1K tokens, equivalent to a colossal $29.38 billion.
Digging into the numbers, CryptoQuant expert Dan has analyzed Bitcoin’s Spent Output Profit Ratio (SOPR) and the Bollinger Bands technical indicator, signaling a potential short-term turnaround. According to him, when the SOPR hits the bottom of the band, bull markets tend to rally, which seems to be unfolding now. Dan also noted a dip in general buyer optimism amid the market correction, hinting at a potential rebound.
Adding weight to the optimism, market intelligence leader IntoTheBlock (ITB) highlighted Bitcoin’s recent drop to around $56,000, aligning with historical patterns in terms of holder losses. ITB identified the $58,000 range as a crucial support zone, cautioning of potential selling pressure around $62,000 if the market climbs higher, bolstering hopes for a short-term breather.
As of the latest data, Bitcoin has shown signs of resilience, currently trading at $61,721, marking a robust 5% gain from the previous day’s $58,000 level. However, the stakes remain high; failure to rebound above $59.7K before closing could signal a descent to $48K.
With optimism running high, investors eagerly await further market growth and potential milestones in the cryptocurrency sphere. The stage is set, the players are in position, and all eyes are fixed on the prize as the crypto market braces for what lies ahead.
Also Check Out: Why This Is the Best Time To Buy Bitcoin?
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