While the whole market is concentrated on the upcoming Fed conclusion on May 7, something significantly larger may be developing silently in the background. Since mid-April, billions of dollars have been flowing into Bitcoin ETFs, but that’s not the only thing. Bitcoin whales have also been buying large quantities of BTC, even though the market has not taken a significant step at this time.
Momentum Builds: Is a Crypto Bull Run About to Begin?
Let’s explain it step by step.
Crypto on the Move: Bitcoin ETFs Surge as FOMC Looms
At the beginning of April 16, Bitcoin ETFs caught the attention of more than $5.13 billion in total inflows. One of the main reasons for this is BlackRock, whose iShares Bitcoin Confidence has brought in $4.7 billion since the start of April.
Even with the strong inflows in the present weeks, Bitcoin ETFs observed an outflow of $85.7 million on May 6.
People are continuing to buy Bitcoin just before the FOMC decides on interest rates. There’s a 98% chance, according to Polymarket, that the Fed will keep rates at 4.50%. If that happens, it would be the third meeting in a row without raising rates, which could give Bitcoin more space to grow.
Whale Influx in Bitcoin, Retail Market Shows Sell-off
At the same moment, on-chain data presents a fascinating narrative. Big Bitcoin whales with a wallet of 10 to 10,000 BTC have silently added more than 81,000 BTC in the past six weeks.
Conversely, smaller wallets (holding less than 0.1 BTC) have traded approximately 290 BTC in the same period. This indicates that while individual investors are uncertain and becoming frustrated, large holders are silently establishing stakes.
What’s Next for Bitcoin? A Deep Dive into Price Trends
Observing the price action, Bitcoin price quickly reached $97,500 before returning to $96,694, surging around 2.35%. On the other hand, crypto expert Crypto Rover has mentioned some major price marks for Bitcoin. He said that if Bitcoin begin to go up again, it will be required to surpass these levels:-
- $98,000: Bitcoin is near the price but has not surpassed it yet.
- $102,000: This is a significant level many traders are monitoring.
- $106,000: This could be the last barrier before Bitcoin hits a new peak.
Rover’s pattern also indicates that Bitcoin could fall to approximately $92,000 before it begins growing again, possibly reaching $106,000.
Read also:- Massive Altseason Coming? CZ Reveals His Top 4 Picks
Disclaimer: We at Bitcoinik.com present you with the latest information in the crypto market. However, this information should not be regarded as financial advice, and viewers should consult their financial advisors before investing.
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