The trace of bitcoin reclaimed the $71,000 price leisurely on Monday, sooner than settling at around $70,400 at press time, marking a compose of 5.5% over the closing 24 hours, as per recordsdata from CoinMarketCap.

The unexpected trace motion caught traders off guard, eminent on-chain analytics agency Santiment, attributing the rebound to a massive day of accumulation from orderly bitcoin stakeholders.

In accordance with Santiment’s recordsdata, wallets that maintain between 10 and 10,000 BTC accumulated 51,959 BTC on Sunday by myself, which amounts to 0.263% of the circulating provide available for bitcoin.

The analysts eminent that it wouldn’t be uncommon for these wallets to continue growing their bitcoin holdings in the weeks main up to the bitcoin halving on April 19, and as a result, develop the market capitalization of no longer honest bitcoin, but moreover the wider crypto market.

“Ideally, this persisted accumulation would no longer be coming entirely on the expense of whale and shark USDT and USDC holdings. Their dry powder because it’s some distance always referenced, is a key component to frequently contain the flexibility to swap for more cryptocurrency at any given time,” they stated.

On-chain analytics agency Glassnode moreover eminent that a pre-halving retracement changed into once something to be expected, comparing investor behaviour to the 2016-2017 bull cycle.

Meanwhile, crypto recordsdata agency Kaiko identified in their most up-to-date learn file that volatility is assist out there in a massive system, referencing the bitcoin flash shatter on BitMEX closing week.

“The low liquidity and fragmentation of the cryptocurrency market, as properly as capability manipulation attempts, are contributing factors to these flash crashes, which would possibly possibly be now not like anything else seen in frail markets,” stated Kaiko analysts.