Crypto:
30251
Bitcoin:
$66.265
% 1.47
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.265
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

Bitcoin Rebounds as Whales Boost Accumulation

Bitcoin, Btc, Bitcoin Dominance, Btc Halving

The resumption of sideways movement of Bitcoin intensifies each day is supported by the immense demand from huge shareholders and the price peak would only be a matter of time, though analysts claimed it will take up to a month to come. These events mean that optimism of traders and analysers is rising, even though it is unlikely that the price of Bitcoin may hit a new peak for some times.

Daily Downtrend Breaks, Price Rises

Based on data reporting by CoinMarketCap, the Bitcoin price on May 15 ended the day at $65,854 in value, which represented a 6% appreciation from the previous day. Pseudonymous crypto trader Rekt Capital discussed this up shift through the words “Bitcoin will probably stay around in the range low area for a while and will likely tilt upwards towards the range high over the time”. Note that this statement means breaking up of a widely known daily pattern of a descent that the Bitcoin currently was experiencing.

Rekt Capital, on the other hand, remarked that Bitcoin has bounced from the midpoint of the distribution pattern between the “range low” of active purchasing and the convergence “range high” not exceeded since that euphoric day of Bitcoin’s $73,797 marked on March 14. Although this is a bullish signal, it still could take several weeks to reach the top again as per their words

Whale Demand Accelerates

Crypto data company CryptoQuant announced today that demand from Bitcoin whales (large holders of BTC) has started to step up once again. This is after a period of a decelerating trend between March and May. This revival of demand stability in the market is seen as a stabilising factor after the period of deceleration. “Bitcoin demand is escalating and it is in recovery after being in a decelerating

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It was also emphasized that the number of “permanent holders and total balance of the large investors’ categories” has significantly grown, which means that the biggest players in the market are acquiring more Bitcoin. Nevertheless, it stressed that for the bull run to materialize, an increase of this demand would require an even faster pace.

Optimistic Market Sentiment

Sentiment remains positive in the markets, with mister crypto giving a ‘pseudonymous trader’ his prediction of a substantial price move. “The breakout of the Bitcoin bull flag will be incredible of course, just as I presciently said in the past, so I’ll mark my words.”, Mister crypto assured his followup on May 15 X-post.

As of the time of this writing, Bitcoin stands at $65,954 mark with little balance across the over-the-counter (OTC) trading desks which reveals the rapid demand that lacks adequate supply.

The conjunction of only today’s price breaking to upward trend, accumulation by whales, and very positive sentiment the orders, the Bitcoin could gain in price in the next few weeks.

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