Monday, May 6, 2024, Bitcoin surpasses the US$65,000 mark while large investors known as “whales” made significant moves, accumulating more than 47,000 BTC, valued at around US$2.9 billion. This accumulation occurred following the reduction of Bitcoin block rewards, the halving, which now offers just 3,125 BTC per block. This highly anticipated event is known to drastically alter the supply of Bitcoin and potentially drive up its prices.

According to Ki Young Ju, CEO of CryptoQuant, “wallets with at least 100 BTC are accumulating again.” This behavior is an indication that high-net-worth investors are envisioning future growth for Bitcoin, despite the uncertainties surrounding the market. Bucking this bullish trend, US spot Bitcoin ETFs showed a net withdrawal of approximately $871 million this week, highlighting a clear divergence in the strategies of large institutional investors versus whales.

In the macroeconomic scenario, the accommodative monetary policy maintained by the Federal Reserve may be playing in favor of the appreciation of Bitcoin. As the central bank continues to maintain low interest rates, Bitcoin is emerging as an attractive option for investors seeking inflation protection and portfolio diversification.

Crypto Market Today

Market analysts recommend paying special attention to the $60,000 level. A pullback below that mark could trigger the liquidation of leveraged long positions, estimated to be worth more than $700 million, increasing market volatility and potentially putting downward pressure on prices.

Bitcoin is currently trading at $64,250 with a 1% increase in the last 24 hours and a trading volume of $21,017,072,603. Likewise, most major altcoins are rising. ETH is up 1% and is approaching the $3,180 resistance zone. XRP is attempting a move above the $0.55 resistance. ADA is consolidating above the $0.46 pivot level. Solana is trading near $152.59 with a 5% increase.

Many altcoins are rising, including ENA and WLD is up more than 10%.