Bitcoin approaches the high area around its current levels, for the first time since the start of 2022. The cryptocurrency has seen some relief from the macro factors putting selling pressure on its price action, and a new narrative has revigorated the bulls: BTC as pristine collateral.
At the time of writing, Bitcoin trades at $47,600 with a 7% and 15% profit in the last 24-hours and 7-days, respectively.
There are several factors that could be contributing to the current bullish price action. As mentioned, Bitcoin has a new narrative supported by the Terra ecosystem and the Luna Foundation.This entity has announced the purchase of billions of dollars in Bitcoin to support the U.S. dollar-pegged of their native stablecoin UST.
Data suggest the new buyers pushing BTC’s price from the mid $30,000 have deep pockets. As seen below, investors with bid orders of around $100,000 (purple in the chart) to whales with bid orders from $1 million to $10 million (brown in the chart) have been buying this price action since March 15.
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