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This"drop" in value prompted short-term selling as traders and investors sought to reduce their losses. However, in this instance, a contrarian approach was taken, with a significant investment made into Bitcoin, signaling a belief that the market might rebound.According to Crypto Ali, the massive transfer might indicate that someone took advantage of the recent dip in Bitcoin’s price to make a significant purchase.
According to the chart presented by Ali, on June 27, over 20,200 BTC, worth $1.23 billion were funneled into accumulation addresses. This type of behavior is commonly interpreted as a bullish signal, and the market's reaction in the aftermath is being carefully watched.has lost roughly 10% of its value in June. It temporarily touched $71,000 at the beginning of June but has since declined steadily. Since March, the flagship cryptocurrency has been trapped in the $60,000 to $70,000 level.
At the time of writing, Bitcoin was down 0.26% to $60,916 and has been trading in a tight range since recovering from Monday's lows of $58,414.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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Bitcoin transaction value hits yearly high with $25B movedBitcoiners moved over $25 billion in BTC, marking the highest transaction value in the past 12 months. Despite this, the number of transactions and trading volume remained normal.
Source: Cointelegraph - 🏆 562. / 51 Read more »