Bitcoin (BTC) price successfully surpassed over $20K to hit a high of $20,702 in the last 24 hours. Several factors influenced the Bitcoin rally including favorable macroeconomic conditions, the U.S. Dollar Index dropping to 110, and a rise in whale accumulation. The BTC price is currently trading at $20,623, up 7% in a day.
Bitcoin Surpass $20K as Whales Moves 15K BTCs in a Day
According to Whale Alert, whales moved over 15K bitcoins in the last 24 hours, which caused the BTC price to surpass $20K. The platform recorded 8 whale transactions accounting for moving nearly 10,000 BTC from crypto exchanges FTX and COINBASE in the last 24 hours. In the latest transaction, a whale has withdrawn 1,389 BTC worth nearly $29 million from FTX.
A whale also moved nearly 5,444 BTC to another wallet address. The transaction details also show another 969 BTC moving to the wallet address.
Several factors influenced whales to make massive BTC withdrawals from crypto exchanges. Pro-crypto Rishi Sunak became UK Prime Minister, and lawmakers also voted to recognize Bitcoin and crypto as regulated financial instruments. Sunak wants to make the UK the crypto hub of the world.
Moreover, the U.S. Dollar Index (DXY) also fell over 0.70% to 110 in the last 24 hours. Also, the CME FedWatch Tool shows a 95.7% probability of a 75 bps rate hike at the next FOMC meeting on November 2.
Meanwhile, the U.S. Treasury is preparing to supply the market with short-term treasury bills to overcome the shortage. Thus, the favorable macro conditions caused whales to accumulate Bitcoin at low levels.
BTC Price Soars 7%
Bitcoin price skyrocketed over 7% in the last 24 hours, with the current price trading at $20,550. The 24-hour low and high for Bitcoin are $19,325 and $20,702, respectively. The trading volume has also jumped over 170% in the past 24 hours.
According to crypto analyst Michael van de Poppe, Bitcoin has successfully breakout above the psychological resistance level and the next resistance is at $22.4k. However, the BTC price will first consolidate below $20.7K before moving upwards.
Another popular analyst believes it may not be the bottom for Bitcoin, but a further upside move will negate bears and may take charge.
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