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Bitcoin’s Pre-Halving Retrace and Accumulation

BitcoinÔÇÖs pre-halving retrace may already be over following one of the largest accumulation days in years, which saw Bitcoin reclaiming the $71,000 price level.

On March 25, blockchain analytics firm Santiment reported that Bitcoin just ÔÇ£caught traders off guardÔÇØ with a rebound as ÔÇ£key stakeholdersÔÇØ had a huge accumulation day over the weekend. Wallets, which it terms ÔÇÿsharksÔÇÖ and ÔÇÿwhalesÔÇÖ holding between 10 and 10,000 coins, accumulated 51,959 BTC on March 24 worth around $3.4 billion at the time, the firm revealed. It added that this equates to 0.263% of the entire currently available supply being accumulated in one day.

As the Bitcoin halving approaches, three weeks away on or around April 19, ÔÇ£it would be unsurprising to see these wallets continue to grow, resulting in a positive impact on crypto-wide market caps,ÔÇØ it noted.

Crypto analysts were concerned about a more sizeable pre-halving retrace, assuming that history would rhyme with previous market cycles. However, BTC only fell around 17% from its March 14 all-time high of $73,738, dipping to $61,494 on March 20, according to CoinGecko.

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Analyst Insights on Bitcoin’s Pre-Halving Retrace

Technical analyst ÔÇÿRekt CapitalÔÇÖ said that if this ends up being the end of the pre-halving retrace, Bitcoin will have almost equaled the 2020 pre-halving retrace.

ÔÇ£Bitcoin pulled back -18% in this cycle whereas BTC retraced just over -19% in 2020,ÔÇØ he noted.

The analyst had previously predicted that this pre-halving retrace ÔÇ£would more likely be on the shallower side than on the deeper sideÔÇØ and could also be much shorter than has otherwise been the case historically.

Related: Trading BitcoinÔÇÖs halving: 3 traders share their thoughts

Reporting on market volatility and last weekÔÇÖs dip on March 25, crypto research firm Kaiko revealed that after an analysis of buy and sell orders, ÔÇ£selling intensified following the U.S. market close.ÔÇØ It concluded that ÔÇ£liquidity in the cryptocurrency market is not only fragmented across exchanges but also across trading pairs.ÔÇØ

Bitcoin’s Current Trading Situation

BTC was trading up 5.2% on the day at $70,252 at the time of writing after hitting an intraday high of $71,000 in late trading on March 25.

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