Bitcoin continues trading above $70k despite the low volume trading that has characterized the markets over the easter holidays. As of 18:04 UTC, Bitcoin was trading at $70,500. Buying volumes were on the rise and, at the time of going to press, were up by 2.50% to hit $18.14 billion.
BTC Whale Buys $1.1 Billion Of Bitcoin In A Day
Bitcoin’s rising momentum over the weekend has boosted a whale to load up on a substantial amount of Bitcoin. On March 30, a Bitcoin whale bought Bitcoin worth $1.1 billion at an average price of $70k. Speculation is rife that the move is by a nation-state. Whoever it is, they have boosted optimism in the market that Bitcoin could be headed to much higher prices going into the future.
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Someone just bought $1.1 Billion worth of #Bitcoin at $70K.
Another Nation State Buying? 👀 pic.twitter.com/YkqtXPdnC2
— Vivek⚡️ (@Vivek4real_) March 30, 2024
The whale purchase of $1.1 billion comes in a week that the Bitcoin ETFs have experienced a net inflow, an indicator that institutional investors expect Bitcoin to keep heading higher even at current prices.
Bitcoin Halving Coming Up
All this is coming when the Bitcoin halving is only about three weeks away. Many analysts are projecting that after the halving, Bitcoin could easily rally to prices above $200k. This has seen retail money flow more strongly into Bitcoin, a phenomenon that will likely get even stronger as the Bitcoin halving approaches.
$9.6 Billion Of BTC Moved To Exchanges
Another pointer to the growing bullish sentiment around Bitcoin is that more investors are moving their Bitcoin away from exchanges. According to data from Glassnode, more than $9.5 billion have been withdrawn from exchanges since January 11. This means between January 11 and March 31, about 136K Bitcoin has been moved to cold storage, further adding to the increasingly tight supply of Bitcoin relative to the rising demand.
This increasingly small supply at a time when the Bitcoin halving is set to cut mining rewards in half could trigger a Bitcoin price rally unlike anything seen in the past. Given that this time, there is a confluence of demand from retail money, institutions, and nation-states, the odds are that Bitcoin attain prices above $200k in the coming weeks, especially during the period ahead and immediately after the halving.
Bitcoin started the week on a strong note after a whale, speculated to be a nation-state, bought $1.1 billion for $70k per Bitcoin. This has added to the increasingly surging demand from institutions, primarily through the ETFs.
Bitcoin Rangebound But Rising Buying Volumes Signal A Bullish Breakout
Bitcoin currently ranges between $68,643.38 in support and $71,317.39 in resistance. However, buying volumes are rising, which puts the $71,317.39 resistance into focus.
If buying volumes rise and push Bitcoin through the $71,317 resistance, Bitcoin could test the $73,574 high in the day. If broken, Bitcoin could easily test prices above $80k or more in the early days of the week.
However, if Bitcoin buying volumes drop, two scenarios could play out in the day. The first is a possible consolidation between $71,317.39 and $68,643.38 in the day.
On the other hand, if Bitcoin bears take control, then the $68,643.38 support could come into focus. If Bitcoin bears can push Bitcoin through the $68,643.38 support, then Bitcoin could hit $65,542 within the day.
Bitcoin Price Prediction – Why Bitcoin Could Be Headed To $80k This Week
While any of the three scenarios above could play out today, the odds are higher that Bitcoin heads to $80k this week. One of the biggest triggers is that Bitcoin demand is increasingly outstripping supply ahead of halving.
This week, demand has been boosted by the fact that an entity speculated to be a country loading up on Bitcoin. At the same time, institutional money has continually been buying up on Bitcoin, with ETF inflows ending the week positively.
There is the fact that retail money is increasingly flowing into Bitcoin, and with Bitcoin halving, a lot more of it could continue buying into Bitcoin in the coming month. All this makes the case for Bitcoin making new highs of $80k or more this week.
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