Bitcoin reclaims $69K: Will whales, retail investors push BTC to $75k?

inspired massive amounts of optimism over the last 24 hours as its price reclaimed the $69,000 level. One of the reasons for this would be the rising interest in BTC showcased by whales.According to data from Lookonchain, a whale accumulated 113.735 BTC, totaling $7.85 million, from Binance.

Whales’ involvement can also validate Bitcoin’s potential in the eyes of other investors, further bolstering the market. However, this newfound influence comes with a double-edged sword. Even though whales were accumulating BTC at a higher rate, retail investors were showing less and less interest. If whale investors continue to accumulate as retail investors become passive, the BTC holdings could become more centralized.Apart from the behavior of holders, another factor that would impact BTC’s price movement would be the activity on the Bitcoin network.The high activity on the network could be attributed, in part, to the growing popularity of Ordinals and Inscriptions on the Bitcoin network.

Source: Digital Coin News (digitalcoinnews.net)

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