As a seasoned crypto investor, I’ve witnessed firsthand the volatility and unpredictability of Bitcoin’s price action. However, the recent price stability and neutral candle formation in the daily chart instills a sense of optimism in me. Despite a modest intraday drop of 0.18% to $66807, I believe the bullish momentum is not yet over.
Bitcoin Price Analysis: Over the weekend, Bitcoin’s price displayed a steady trend as indicated by neutral candles in the daily chart. At the current moment, Bitcoin is experiencing a slight dip of 0.18%, bringing its value down to $66,807. This decline may be due to resistance at the level of $67,500. However, it’s expected that there will be either a brief correction or consolidation following a week-long recovery to maintain the bullish trend. A potential rally towards $70,000 for next week is a possibility.
Bitcoin Whale Holdings Surge Post-ETF Launch
Over the past three weeks, Bitcoin has displayed impressive bullishness. The cryptocurrency’s price surged from $56,500 to an intraday high of $67,654, representing a robust 9.74% increase. This uptrend was further strengthened by escalating trading volumes. Moreover, the formation of a higher low suggests that market sentiment has shifted, and traders are now buying on dips rather than selling.
As a crypto investor, I’ve noticed an significant development in the Bitcoin market on May 15th. The price broke out decisively from the channel pattern resistance which had been capping the price since early April. This breakout indicates a potential reversal of the correction trend that started in April. If this trend continues, it could lead to a stronger buying momentum and potentially mark the end of the correction period.
As a crypto investor, I’ve noticed an intriguing development in the Bitcoin market according to the insights provided by IntoTheBlock. Specifically, there’s been a significant surge of approximately 250,000 BTC held by addresses possessing over 1,000 Bitcoins since the inception of Bitcoin ETFs. This substantial growth has brought whale holdings back to levels we last saw before the FTX collapse.
The chart from IntoTheBlock that follows shows how whale Bitcoin holdings have rebounded in tandem with rising Bitcoin prices. The surge in whale investments since the ETF debut underscores the burgeoning institutional backing for Bitcoin, potentially bolstering its market standing and resilience.
Despite the unchanged overhead supply at $67,500, Bitcoin’s price demonstrates resilience above the $65,000 mark. If this level is maintained, bullish sentiment could push the price towards $74,000.
Technical Indicator
- BB Indicator: The coin price challenges the upper boundary of the Bollinger band indicating the buyers are a major force influencing the current market movement.
- Average Directional Index: An uptick in the daily ADX slope at 21% indicates the bulls have sufficient momentum to lead a higher rally
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2024-05-19 18:23