The post Bitcoin Price Rebounds to $44K Recording Yearly High In Large Transactions – What Next For BTC Price? appeared first on Coinpedia Fintech News

Today, Bitcoin rebounded to $44,800, as investors brushed off the recent $600 million flash crash, remaining hopeful about the imminent approval of a U.S. spot BTC exchange-traded fund (ETF). This hope is triggered by the SEC increasingly interacting with stock exchange officials and several applicants filing for securities registration. This activity has led to expectations of trading a spot Bitcoin ETF possibly starting next week. Amid this, whales are making big moves, with on-chain data showing yearly high in large transactions.

Bitcoin Traps Sellers With $52 Million In Liquidation

In the past 24 hours, there has been significant activity in the Bitcoin market, with both buyers and sellers aggressively liquidating their positions. Notably, sellers faced losses as the BTC price surged to a high of $44,800. According to Coinglass, Bitcoin experienced a total liquidation of $52 million, with sellers accounting for approximately $30 million of this.

Amid Bitcoin’s strong rebound and its push towards the $45K, whales have begun to take action. IntoTheBlock data indicates a significant uptick in large Bitcoin transactions (over $100K), hitting yearly highs with 23,910 recorded transactions. Despite this surge in large transactions, other metrics suggest that this may not necessarily be a bearish indicator for Bitcoin.

The current Netflow, trading at -654 BTC, indicates a rising market accumulation as Bitcoin’s recent recovery brings hope of further gains, particularly with the upcoming ETF approval. This trend could be a bullish sign, strengthening the support levels.

Additionally, the decline in the ratio of large holder netflow to the exchange netflow, now at -0.81%, suggests that retail traders are accumulating at a higher rate compared to whales. This trend of increased retail accumulation, with the massive outflow and whale activity, could potentially generate further upward momentum in Bitcoin’s market.

What’s Next For BTC Price?

Bitcoin initially surged past the crucial resistance level of $44,000 and attempted to surge above $45K only to form a bull trap as the price declined below $44K in the last few hours. As of writing, BTC price trades at $43,524, declining over 0.3% in the last 24 hours.

The $42,500 level saw buyers stepping in aggressively, indicating strong defense of the support level by the bulls. The stability of the 20-day exponential moving average at $43.8K and the relative strength index (RSI) moving around the midpoint suggest that Bitcoin may experience range-bound trading in the short term, potentially fluctuating between $42,000 and $45,000.

A fall below the $42,000 support level would imply a short-term surrender by the bulls, possibly taking the BTC price to test the next significant support zone of $38K-$40K.

Conversely, if buyers manage to push the price above $45,800, it would signal their regained control. This could potentially send the price towards the $48,100-$50,000 zone.