Bitcoin’s recent pullback before its halving event may have already come to an end after a significant accumulation day led to the cryptocurrency reclaiming the $71,000 price level. Blockchain analytics firm Santiment reported that “sharks” and “whales” (wallets holding between 10 and 10,000 coins) accumulated 51,959 BTC on March 24, worth around $3.4 billion at the time. This represents 0.263% of the total available supply being accumulated in just one day. As the halving approaches, Santiment suggested that these wallets may continue to grow, resulting in a positive impact on the overall crypto market. Despite concerns from crypto analysts about a larger pullback, Bitcoin only fell around 17% from its all-time high of $73,738 on March 14, reaching a low of $61,494 on March 20. Technical analyst ‘Rekt Capital’ noted that if this is indeed the end of the pre-halving pullback, Bitcoin’s retracement would be almost equal to that of the previous halving event in 2020. Kaiko, a crypto research firm, reported that selling intensified after the US market closed, highlighting the fragmentation of liquidity across exchanges and trading pairs. At the time of writing, Bitcoin was trading at $70,252, up 5.2% for the day, with an intraday high of $71,000.
Has the retracement of Bitcoin before the halving come to an end? A staggering 52K BTC was acquired solely on Sunday.