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Accumulation by whales and institutional investors continues: according to Ali, a cryptocurrency analyst, Bitcoin whales have purchased more than 100,000 BTC over the past week, worth $7 billion.The Bitcoin market has taken a breather from its powerful uptrend over the last two weeks, albeit now consolidating. Bitcoin plunged as low as $60,770 before recovering to $70,000. According toSeveral on-chain indicators have indicated an increase in profit-taking activities, with more than $2.
Metrics such as MVRV and AVIV Ratio were +1 standard deviations from their long-term mean. Past instances have historically been points of interest, where the market encounters resistance, and some investors start to take profits and chips off the table. At the time of writing, BTC had fallen 0.5% in the last 24 hours to $70,261, a 5% drop from its recent all-time high. 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.