Bitcoin (BTC) has surged above $71,000 for the first time since March 15, driven by positive inflows into spot BTC exchange-traded funds (ETFs). In the past 24 hours, BTC has risen by over 0.55%, reaching a weekly high of $71,582 on March 26. Several factors are contributing to this price movement, including consistent inflows into spot Bitcoin ETFs, the upcoming Bitcoin halving, and positive sentiment among institutional investors. The increase in BTC’s price is also supported by large investors accumulating more BTC. Data from market intelligence firm Santiment shows that the percentage of wallets holding between 1,000 BTC and 10,000 BTC has increased from 23% on January 1 to 25.17% on March 26. Additionally, there has been a decrease in BTC deposits on exchanges, indicating a lack of intent to sell. Instead, there has been an increase in whales transferring Bitcoin from exchanges to self-custody wallets. The upcoming Bitcoin halving event, set for April this year, is also boosting the price of BTC. Market data provider Glassnode predicts that the buying power of ETFs will overshadow the traditional supply squeeze effect expected from the halving. As the halving approaches, investors are positioning themselves for the event. Traders and analysts are now focusing on the next level for BTC after its rally above $70,000. Whales have added over 80,000 BTC when the price dropped to $64,000, indicating the momentum behind Bitcoin’s move back to the $70,000 range. The In/Out of the Money Around Price (IOMAP) model shows that BTC has strong support around the $64,000 level. Traders are determined to keep the price above $70,000, with some predicting a rise to $100,000. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.
Bitcoin whale accumulation indicates that the ongoing BTC rally will persist beyond the pre-halving period.