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Bitcoin Surges Past $71,000 Amid Legal Turmoil, Whales Shift as Bullish Sentiment Prevails

In the latest market update, Bitcoin‘s price trajectory aimed for higher levels during the week’s closing Wall Street session, showcasing the bullish sentiment undeterred by prevailing market uncertainties.

Tracking the Bitcoin (BTC) price movement, data from Cointelegraph Markets Pro and TradingView highlighted a significant rebound as the cryptocurrency crossed the $71,000 threshold.

This resurgence came after a tumultuous previous day marked by sharp fluctuations.

The volatility was primarily driven by the legal tussle between Coinbase, a major U.S. exchange, and the Securities and Exchange Commission (SEC), which saw Bitcoin dip below the crucial $69,000 support level.

Despite this, the market’s resilience was on display as buyers propelled a recovery, aiming to reclaim positions near record price levels.

Amid these dynamics, Skew, a recognized trader, cautioned followers about potential deceptive price movements, attributed to manipulative liquidity strategies.

Notably, a sudden influx and subsequent withdrawal of bid support in the $70,200 to $70,600 range on the Binance platform exemplified these tactics.

With Bitcoin’s all-time high still serving as a formidable resistance, trader Daan Crypto Trades speculated on the possibilities of price exploration beyond current records.

“Break all time high and low $80Ks should follow shortly afterwards I think,” he advised on X, pointing to immediate trendline support highlighted by the 200-period simple and exponential moving averages on 4-hour charts.

READ MORE: Bitcoin’s Market Dominance Poised for Growth, Predict Crypto Traders Amidst Ascending Triangle Pattern

Further insights into the Bitcoin market dynamics were provided by Ki Young Ju, CEO of the on-chain analytics firm CryptoQuant.

His analysis shed light on a notable shift in ownership among Bitcoin’s largest holders.

According to Ki, long-established Bitcoin whales are distributing their holdings to new institutional investors, rather than to retail market participants.

This transition is underscored by the substantial daily acquisition of BTC by U.S. spot Bitcoin exchange-traded funds (ETFs), effectively reducing the circulating supply.

“Old whales are selling Bitcoin to new whales(TradFi), not retail investors,” Ki remarked, presenting on-chain data to support his observation.

He also linked these ownership changes to historical precedents of price rallies towards all-time highs, similar to those seen in the 2017 and 2021 bull markets.

Despite reaching new heights, mainstream interest in Bitcoin has seen a decline, a trend reported by Cointelegraph amidst the cryptocurrency’s breakthroughs.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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