Bitcoin Prices Rally to Retake $71,000 in Late Trading on March 25th.

Bitcoin’s potential pre-halving retracement appears to have concluded following a significant accumulation day, as the cryptocurrency surged to reclaim the $71,000 price level.

On March 25, blockchain analytics firm Santiment highlighted that Bitcoin surprised traders with a rebound, attributing it to substantial accumulation by key stakeholders over the weekend. Wallets categorized as ‘sharks’ and ‘whales,’ holding between 10 and 10,000 coins, amassed 51,959 BTC, valued at $70,434 per coin on March 24, amounting to around $3.4 billion in total. This accumulation represented 0.263% of the entire currently available supply, emphasizing its magnitude.

With the Bitcoin halving approaching in three weeks, expected around April 19, Santiment suggested that these wallets might continue to grow, potentially positively impacting the overall cryptocurrency market caps.

Also, read- Bitcoin Approaches $66K Amidst Analysts’ Anticipation of Heightened Volatility Prior to Stability

Concerns among crypto analysts regarding a significant pre-halving retracement were somewhat alleviated, as Bitcoin only experienced a 17% decline from its March 14 all-time high of $73,738, reaching $61,494 on March 20, according to sources.

Technical analyst ‘Rekt Capital’ observed that if this marks the end of the pre-halving retracement, Bitcoin’s performance would almost match the 2020 pre-halving retracement, where it retracted just over 19%. This analyst had previously anticipated a shallower and shorter pre-halving retracement compared to historical trends.

Regarding market volatility and the dip witnessed last week, crypto research firm Kaiko noted that selling intensified following the U.S. market close, highlighting fragmented liquidity across exchanges and trading pairs in the cryptocurrency market.

At the time of reporting, Bitcoin was trading up 5.2% at $70,252, reaching an intraday high of $71,000 in late trading on March 25.