From Investing.com: 2024-06-29 14:30:19

Over $1.23 billion worth of Bitcoin was moved to accumulation addresses in a single day, totaling more than 20,200 BTC. Analysts and investors are taking note of this significant shift in the cryptocurrency market.

The influx of Bitcoin into accumulation addresses, favored by long-term investors, occurred during a market downturn with prices falling. Bitcoin dropped to $58,414, the lowest since May 3.

This move indicates a contrarian investment strategy, with short-term selling prevalent due to the drop in Bitcoin’s value. However, the substantial purchase of Bitcoin suggests confidence in a potential market rebound.

The massive transfer of over 20,200 BTC worth $1.23 billion to accumulation addresses on June 27 may signal dip buying, taking advantage of Bitcoin’s recent price decline. This behavior is typically seen as a bullish sign.

Bitcoin has experienced a 10% loss in June, touching $71,000 then steadily declining. Trading between $60,000 and $70,000 since March, Bitcoin currently sits at $60,916, showing some recovery from Monday’s low.

As of the time of writing, Bitcoin is down 0.26% at $60,916, maintaining a tight trading range following the recent market fluctuations.

Read more at Investing.com: $1.23 Billion in Bitcoin Moved in One Day: What Happened? By U.Today