For the first time since Jan. 5 Bitcoin (CRYPTO: BTC) broke above the $46,000 mark on Sunday.
What Happened: Bitcoin was trading around $44,800 at 4:30 p.m. EDT on Sunday, when a sudden burst of volume came in and pushed BTC over $46,000. The apex crypto was trading at $46,483.39 at the time of publication.
The frenzy of trading pushed the price of BTC higher by over 4.5% in the past 24 hours, and Bitcoin has now risen over 12% in the past 7 days.
Bitcoin has now broken out of a trading range that has trapped the apex crypto for months. BTC has fluctuated between about $33,000 and $45,800 since the start of January.
Although, Bitcoin still has a long way to go before it reaches its previous all-time high of $68,789.63 set on Nov. 10, 2021.
Chart Courtesy of Benzinga Pro
Also Read: If You Invested $1,000 In Bitcoin At Its COVID-19 Pandemic Low, Here’s How Much You’d Have Now
Whale Activity: Benzinga has been tracking recent whale activity, and a Bitcoin whale late last week sent $27,640,163 worth of Bitcoin off Coinbase. The removal of BTC from an exchange reduces potential sell side pressure, allowing the price of Bitcoin to increase more easily.
According to Glassnode, only 13.2% of the total supply remains liquid across all centralized exchanges.
