Bitcoin Shows Steady Rebound Without Overheating, Analysts Report
Bitcoin is experiencing a rebound, with market data indicating stability in its current bull cycle. Analysts from CryptoQuant highlight that this rally differs from past ones, as it is not characterized by spikes in funding rates or high trading volumes.
A Different Kind of Bitcoin Rally Emerges
- Price increases are not followed by sudden market corrections.
- Market buy volume on Binance is declining while Bitcoin's price rises.
- Funding rates remain stable, reflecting grounded investor sentiment.
- On-chain data shows a gradual increase in market buy volume since 2023.
- Bitcoin is currently trading at $105,288.89 after a 2% rebound.
- Analysts are monitoring for a potential "golden cross" bullish signal.
The current situation suggests continued growth without overheating, encouraging cautious optimism among investors.
Whales Quietly Accumulate as Bitcoin Holds Firm
- Major Bitcoin holders are withdrawing large amounts from exchanges, indicating confidence in future price movements.
- Wallet bc1qcp withdrew 1,350 BTC ($141.91 million) from Binance, totaling 20,723 BTC ($2.19 billion).
- Wallet bc1qpu withdrew 675 BTC ($71.03 million) from Kraken, now holding 1,797 BTC ($190.11 million).
- Another wallet withdrew 500 BTC ($51.5 million) from Binance.
- These withdrawals suggest ongoing accumulation by institutional players and long-term holders.
- Michael Saylor’s strategy recently acquired $764 million worth of Bitcoin, bringing total holdings to 576,230 BTC.
- Japanese firm Metaplanet purchased 1,004 BTC for approximately $104.6 million.
These activities indicate a bullish outlook and contribute to Bitcoin scarcity, which may drive prices higher in the near future.