Has Bitcoin’s retracement before the halving concluded? A staggering 52K BTC amassed on Sunday alone.

Bitcoin’s pre-halving retracement may have already come to an end after experiencing a significant accumulation day, resulting in the price reclaiming $71,000. According to blockchain analytics firm Santiment, key stakeholders took advantage of this rebound and accumulated a total of 51,959 BTC, worth $3.4 billion, in just one day. This accumulation represents 0.263% of the entire available supply. As the Bitcoin halving approaches, it is expected that these wallets will continue to grow, potentially impacting the overall market cap positively. Analysts were initially concerned about a larger retracement before the halving, but Bitcoin only fell by around 17% from its all-time high on March 14. Technical analyst ‘Rekt Capital’ noted that if this is indeed the end of the retracement, Bitcoin will have experienced a similar retracement to the one observed in 2020. Market volatility and last week’s dip were attributed to intensified selling following the U.S. market close, as reported by crypto research firm Kaiko. Despite this, Bitcoin was trading up 5.2% at $70,252 at the time of writing, with an intraday high of $71,000.