The price of Bitcoin (BTC) suddenly lost steam and dropped below $62,000. But today, the price of Bitcoin increased dramatically and even got close to $63,000. Bitcoin whales have amassed over 15,400 BTC from Coinbase alone on the last day amidst the recent decline. This accumulation might have sparked the most recent recovery.
Whales Take Coinbase Pro for $15K in Bitcoin.
The total amount of BTC withdrawn from crypto exchanges is 13,782.83. Furthermore, a significant portion of this drop in the Bitcoin exchange reserve can be attributed to Coinbase Pro. According to Coinglass stats, Coinbase Pro witnessed a drain of 15,415.25 BTC, equivalent to $966.84 million, considering prevailing rates.
Earlier, Coinbase Pro recorded a lesser withdrawal of its Bitcoin reserve. The exchange has seen an exit of 16146.36 BTC over the last 30 days, with a staggering 15K of that amount being retracted in a single day. It is safe to conclude that most Bitcoin whales have recently amassed cheaper BTC.
In addition, the OKX crypto exchange logged a withdrawal of 329 BTC in 24 hours. Conversely, another well-known CEX, Gemini, was responsible for 108.18 BTC in accumulation. In addition, Bitstamp and Korbit claimed a sizeable portion of the Bitcoin reserve that was removed from exchanges.
Whale Alert revealed in a recent X article that a whale increased his purchase of 7,900 Bitcoin worth an incredible $494.13 million from Coinbase. This single transaction was responsible for more than half of the Bitcoin taken out of Coinbase in the previous 24 hours.
Due to intense selling pressure, the Bitcoin Coinbase Premium Gap was in the “red” on Tuesday, May 14. However, whales’ repeated accumulations have turned the tables, and the disparity has dropped to a neutral level.
Additionally, this metric was mentioned by JA Maartuunn, a certified author on CryptoQuant, who hinted at the possible upside. “Yesterday’s intense selling pressure from Coinbase appears to have abated,” he wrote on X. This might present a short-term profitable opportunity.
The Price of Bitcoin Rises
During the most recent bearish decline, the price of Bitcoin fell dramatically, but it also made a strong recovery. As of writing, the BTC value was up by 1.32%, trading at $62,720.08. Its 24-hour trading volume also increased to $26.22 billion, a 3.39% increase. Furthermore, the oldest crypto boasted a gigantic market capitalization of $1.22 trillion.
On the other hand, derivatives traders’ interest in Bitcoin futures has slightly decreased. The BTC open interest dropped by 0.61% to $29.73 billion. Interestingly, as traders attempt to reduce losses amid the Bitcoin rally, shorts have driven the liquidations.
According to Coinglass, Bitcoin short sales have raised $4.23 million in just four hours. These short traders are expected to buy back their positions, intensifying the purchasing pressure, which could lead to a further rally in the Bitcoin price.
The relative strength index (RSI) analysis of Bitcoin shows it is presently at 48. It suggests balanced market sentiments without leaning towards an overbought or oversold region, which could be a suitable entry point. However, according to Trading View analytics, BTC is currently trading much higher than its 10-day and 100-day EMAs of 62,071 and 60,443, respectively. This signals a short—and long-term bullish mood for the crypto.
