As an experienced analyst, I see this week’s bullish trend in Bitcoin as a promising sign. The 10% price increase from $60,474 to $66,500 is significant and indicates a strong buyer interest in the market. The breach of a key resistance level and the surge in volume further strengthen the bullish outlook, suggesting the end of a two-month correction trend.
Bitcoin‘s Price Surge: This week, Bitcoin, the trailblazing cryptocurrency, experienced a remarkable rise of over 10%, lifting its price from $60,474 to an impressive $66,500. The robust increase in price was accompanied by a substantial surge in trading volume, leading to a bullish breakthrough of a significant resistance level. This optimistic development marks the conclusion of Bitcoin’s 2-month correction trend. Simultaneously, the altcoins market has been revitalized by this upswing, sparking renewed hope for recovery.
BTC Targets $73,800 as Whale Holdings Remain High
As an analyst, I’ve observed that the latest correction in Bitcoin’s price has reversed from the 50% Fibonacci retracement level at $56,500. In theory, a pullback of this magnitude is typically viewed as advantageous for the asset to rebuild its bullish momentum.
The recent resurgence propelled Bitcoin from $56,000 to a new record high at $66,530, representing a substantial gain of 18.7%. Furthermore, this upward trend has formed a higher low, suggesting that investors are eagerly purchasing dips in the market. An examination of the daily chart reveals that the rally brought about a significant breach of the established channel pattern, concluding the six-week correction.
Recently, Santiment, a crypto analysis firm, drew attention to an intriguing development in Bitcoin whale behavior through a tweet. Based on their findings, approximately 11.79 million Bitcoins (BTC) are being stored in wallets that accommodate 100 or more coins.
In contrast, the transaction activity of the 15,907 whale Bitcoin wallets has reached an all-time low in 2024, with only this number actively holding over 100 BTC each. This decline indicates a current trend of decreased Bitcoin transfers among significant investors.
Santiment points out that an increase in whale activity could signal a bullish trend for Bitcoin.
As a researcher studying Bitcoin’s price movements, I would interpret a sustained price rise above the previously breached trendline as a potential signal for buyers to take control and initiate a rally towards the level of $73,800.
Technical Indicator
- Exponential Moving Average: The rising 100-and-200-day EMA assures the broader trend remains bullish for Bitcoin.
- Average Directional Index: The daily ADX slope uptick at 20% indicates the prior correction managed to stabilize the uptrend for higher growth.
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2024-05-17 21:49