{"id":11980,"date":"2024-03-26T11:58:52","date_gmt":"2024-03-26T09:58:52","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-surges-past-71000-amid-rising-investment-demand\/"},"modified":"2024-03-26T11:58:52","modified_gmt":"2024-03-26T09:58:52","slug":"bitcoin-surges-past-71000-amid-rising-investment-demand","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-surges-past-71000-amid-rising-investment-demand\/","title":{"rendered":"Bitcoin Surges Past $71,000 Amid Rising Investment Demand"},"content":{"rendered":"<p>On March 26, the price of the leading cryptocurrency once again surpassed $71,000, gaining 6% in a day.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/PplwCJUVrtCo1Qam66BwQC806x1yUKWezAVdU4OSEa1dQJjuXACrO4vR5soalGqwbWMB54z9KUD6zu7LGF_7-szdhZUoR8yy2ItGmwTmcAuz2MRIE0eaoKmumchE45_faSbXeZAjSK5aQi_c8OfvKEs\" alt=\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d \u043f\u043e\u0434\u043d\u044f\u043b\u0441\u044f \u0432\u044b\u0448\u0435 $71 000 \u043d\u0430 \u0444\u043e\u043d\u0435 \u0432\u0441\u043f\u043b\u0435\u0441\u043a\u0430 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u043e\u0433\u043e \u0441\u043f\u0440\u043e\u0441\u0430\"\/><figcaption class=\"wp-element-caption\">15-minute BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>At the time of writing, the coin is trading at $71,260. Its market capitalization stands at $1.4 trillion with a trading volume of $45 billion, according to <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.\u00a0<\/p>\n<p>Following Bitcoin, all top-10 coins entered the &#8220;green zone.&#8221; Ethereum rose by 6% to $3675.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/1fHg2qX0Bl_ZfYZfmuXuiwJ_QtJPdTjyoynZUBeNHs13y2vOIIpPq-B_uhxFjfcFCV94reO2PJpQkj8kJH3PzlbZwidsQgS23zJiLnnqzOPn-JdnkNx9R9sf_KQbY5mh_9UMIuBY8E-7OkNu249pL3k\" alt=\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d \u043f\u043e\u0434\u043d\u044f\u043b\u0441\u044f \u0432\u044b\u0448\u0435 $71 000 \u043d\u0430 \u0444\u043e\u043d\u0435 \u0432\u0441\u043f\u043b\u0435\u0441\u043a\u0430 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u043e\u0433\u043e \u0441\u043f\u0440\u043e\u0441\u0430\"\/><figcaption class=\"wp-element-caption\">Data: CoinGecko.\u00a0<\/figcaption><\/figure>\n<p>In the past 24 hours, positions worth $185 million were liquidated, with $127 million in longs.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/Qhhyy5-b-tOo0DcLqRa1hz8Vg_0kdtNlqDY-E_zJTYJGwOqbth1bgjgobFf_AXOgBVOMB4eHx84ZZO-i3HNtybFvHWwsy4s6Wnfo5vYFGJ6Ax66HTauo5pv-RKn8GRjd6G7o7qANIAzWRp3j35tGLhc\" alt=\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d \u043f\u043e\u0434\u043d\u044f\u043b\u0441\u044f \u0432\u044b\u0448\u0435 $71 000 \u043d\u0430 \u0444\u043e\u043d\u0435 \u0432\u0441\u043f\u043b\u0435\u0441\u043a\u0430 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u043e\u0433\u043e \u0441\u043f\u0440\u043e\u0441\u0430\"\/><figcaption class=\"wp-element-caption\">Liquidation map. Data: <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\"><strong>Accumulation<\/strong><\/h2>\n<p>Analytical firm Santiment reported that Bitcoin&#8217;s rebound &#8220;caught traders off guard,&#8221; as &#8220;key investors recorded the largest accumulation day.&#8221;\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">?? <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> has just caught traders off guard (as usual) with a huge rebound ascension to $70K. Why? Key <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> stakeholders had one of their single largest accumulation days in years.<\/p>\n<p>?51,959 collective <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> were accumulated by wallets that hold between 10-10K <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> on\u2026 <a href=\"https:\/\/t.co\/vT4fRUVYs7\">pic.twitter.com\/vT4fRUVYs7<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1772295815421362413?ref_src=twsrc%5Etfw\">March 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to experts, on March 24, large holders (from 10 BTC to 10,000 BTC) collectively purchased 51,959 BTC (~$3.4 billion at the time).<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;With three weeks left until the halving on April 19, it&#8217;s not surprising that these wallets continue to grow. This positively impacts the cryptocurrency&#8217;s market capitalization. Ideally, this ongoing accumulation should not occur entirely at the expense of whale and shark assets,&#8221; noted Santiment.\u00a0<\/p>\n<\/blockquote>\n<p>According to <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;ema=0&#038;m=distribution.BalanceExchanges&#038;mAvg=7&#038;mMedian=0&#038;s=1493835906&#038;u=1711324800&#038;zoom=\">Glassnode<\/a>, on March 25, the reserves of the first cryptocurrency on centralized exchanges reached a six-year low of 2.34 million BTC.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/iIz-61wbSRGMf6zLeDSVD94GPgmrVnsowgOlt033J3if8xuRWXNPzBEZQZcN9E0AyObKwjtT3JKjZ6aElQHlXYLRVWLWK9wfZD8Dz1HX4_tioYQ-FeHS4y-pUsmHeNbwc5oAMbEuEhR28ywWV2vaV_k\" alt=\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d \u043f\u043e\u0434\u043d\u044f\u043b\u0441\u044f \u0432\u044b\u0448\u0435 $71 000 \u043d\u0430 \u0444\u043e\u043d\u0435 \u0432\u0441\u043f\u043b\u0435\u0441\u043a\u0430 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u043e\u0433\u043e \u0441\u043f\u0440\u043e\u0441\u0430\"\/><figcaption class=\"wp-element-caption\">Bitcoin balance on centralized exchanges. Data: Glassnode.<\/figcaption><\/figure>\n<p>The total balance of digital gold in accumulation addresses also <a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&#038;m=addresses.AccumulationBalance&#038;zoom=all\">increased<\/a> to over 3.2 million BTC, approaching a record level.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/z91ykg28RmHte3H82miTq89S3xXyGGtOJbD5xN5rrJVSQjnuRHAtzUUlhE3078YA3BnzOw60AqrbL6axQTncmqysHi8aS9U_UoM33KoA11FMARxcg6oRzvRG1Wa1UnRZXBM4RNTCddGVV8zIIKnDYcU\" alt=\"\u0411\u0438\u0442\u043a\u043e\u0438\u043d \u043f\u043e\u0434\u043d\u044f\u043b\u0441\u044f \u0432\u044b\u0448\u0435 $71 000 \u043d\u0430 \u0444\u043e\u043d\u0435 \u0432\u0441\u043f\u043b\u0435\u0441\u043a\u0430 \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u043e\u043d\u043d\u043e\u0433\u043e \u0441\u043f\u0440\u043e\u0441\u0430\"\/><figcaption class=\"wp-element-caption\">Bitcoin balance in accumulation addresses. Data: Glassnode.<\/figcaption><\/figure>\n<p>Analyst Rekt Capital noted that the leading cryptocurrency almost completely repeated the pre-halving pattern of 2020.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> <\/p>\n<p>If this ends up being the end of the Pre-Halving Retrace\u2026<\/p>\n<p>Then Bitcoin will have almost equalled the 2020 Pre-Halving Retrace<\/p>\n<p>Bitcoin pulled back -18% in this cycle whereas BTC retraced just over -19% in 2020<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/a6G92JbbmY\">pic.twitter.com\/a6G92JbbmY<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1772312904404005336?ref_src=twsrc%5Etfw\">March 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Bitcoin pulled back 18% in this cycle, whereas in 2020 the asset declined by just over 19%,&#8221; he noted.<\/p>\n<\/blockquote>\n<p>Technical analyst known as Ali observed Bitcoin breaking the upper boundary of an ascending triangle on a short interval.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">It appears that <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> is breaking out of an ascending triangle on the lower time frames, which could see <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> rise toward $71,800 as long as the $70,400 support holds. <a href=\"https:\/\/t.co\/CQUyrc9vkv\">pic.twitter.com\/CQUyrc9vkv<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/1772520890774745473?ref_src=twsrc%5Etfw\">March 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In his view, the asset could rise to $71,800 as long as support at $70,400 is maintained.\u00a0<\/p>\n<p>Earlier, analysts at Bernstein considered the correction to around $63,000 a good buying opportunity &#8220;at the lows&#8221; before the halving. Subsequently, experts revised their Bitcoin forecast from $80,000 to $90,000 by the end of the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On March 26, the price of the leading cryptocurrency once again surpassed $71,000, gaining 6% in a day. 15-minute BTC\/USDT chart on Binance. Data: TradingView. At the time of writing, the coin is trading at $71,260. Its market capitalization stands at $1.4 trillion with a trading volume of $45 billion, according to CoinGecko.\u00a0 Following Bitcoin, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11979,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1156,1145,1150],"class_list":["post-11980","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-institutional-investors-and-whales","tag-market-analysis","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11980"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11980\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11979"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}