• Bitcoin broke through the $27,000-barrier on Sunday.
• The price rip also bolstered its demand in the derivatives market.

Bitcoin [BTC] blasted past $27,000 in the last 24 hours, as market participants braced for a continued upward trend.

Read Bitcoin’s [BTC] Price Prediction 2023-24

The king coin kept moving northwards until it faced strong resistance at $27,900, data from CoinMarketCap showed. At the time of writing, BTC exchanged hands at $27,724, but hopes of the coin gaining bullish strength in the wake of recent legal wins remained high.

Whales accumulate Bitcoin

With the SEC deciding against the appeal in the keenly watched case against digital asset manager Grayscale Investments, expectations of a Bitcoin spot ETF becoming a reality have become higher than ever. Probably, this played on the minds of whale investors as well.

As per a recent post by on-chain sleuth Ali Martinez, the user cohort having 100-1,000 coins in their wallets accumulated roughly 117 BTCs since the aforementioned development. At going market rates, the newly added supply amounted to $3.24 million.

#Bitcoin whales bought around 117 $BTC in the past 48 hours, worth roughly $3.2 million. pic.twitter.com/Aoshmy0r4D

— Ali (@ali_

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Author: Aniket Verma

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