Bitcoin is once again stealing the market's attention as signs of a major rally become clearer, driven by aggressive activity from large-scale investors or 'whales'.
At the time of writing, the price of Bitcoin is currently at $74,778, down 0.01% since it opened early Friday in Asian trading.
In just 30 days, the group has reportedly amassed around 270,000 BTC, an extraordinary amount that is equivalent to almost 20 times Bitcoin's daily production.
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This is the fastest accumulation rate since 2013, giving a clear signal that major players are preparing for the next phase of the rally.
Part of this large purchase was also contributed by the company Strategy, which added over 42,000 BTC to its holdings between March and April.
The move reinforces the narrative that large institutions still see Bitcoin as a long-term strategic asset, despite the market's continued volatility.
Meanwhile, the Bitcoin spot ETF in the United States also recorded inflows of over $200 million.
While this figure is seen as modest compared to the previous surge, it still reflects a cautious return of institutional investors.
Interestingly, all this is happening at a time when Bitcoin has been experiencing significant price volatility, including a drop of around 15% before fully recovering.
The recovery is driven by more positive global sentiment, in particular the reduction in geopolitical tensions which has helped increase investors’ risk appetite.
From a technical perspective, Bitcoin is now showing bullish signals after successfully breaking through the ‘symmetrical triangle’ pattern, a formation that often signals large price movements.
If this momentum continues, the next target is seen around $90,000 to $92,000 in the near future.
However, the important level around $83,000 which represents the 200-day exponential moving average (EMA) line needs to be broken firmly to confirm this rise.
This level has previously been the main obstacle to Bitcoin’s price rise attempts.
