As a seasoned crypto investor with several years of experience under my belt, I have seen Bitcoin go through its fair share of bull and bear markets. And based on the current market trends, I believe we are in the midst of another bull run.
Bitcoins price has surged past its 20-day moving average on July 15, signaling a potential bullish trend after a strong rebound from previous weeks.
Despite the optimistic outlook, signs of weakness have emerged. On July 23rd, for instance, the price dipped, retreating from over $67,500 to drop beneath the crucial threshold at $66,000.
if sellers significantly increase their positions by the end of today, contradicting recent gains, they may weaken the ongoing upward trend and put pressure on buyers from the previous week.
Bitcoin Exchange Activity Rising: Are Bulls In The Equation?
Analysts keep a optimistic outlook towards Bitcoin as it hovers close to record highs, carefully observing developments. On the topic of X, one expert noted that trading volume has been increasing.
Over the last several days, the analyst noted a 9% increase in the Average Exchange Volume Flow (AEVF) – a metric employed to assess Bitcoin trading activity on platforms such as Coinbase and Binance.
The analyst pointed out that the increase in Bitcoin trading indicates potential signs of a significant market bounce-back. But, it needs to exceed its typical annual trading volume to make this occur.
As an analyst, I would interpret this as follows: The AEVF indicator needs to increase by approximately 11% in order for it to surpass the 45% mark. During the last bull market, when Bitcoin reached its all-time high of $73,800, the AEVF indicator peaked at around 45%.
Despite the tired upward trend, there are indications from other market data that significant investors, specifically those possessing over 10,000 Bitcoin, have been actively purchasing large quantities within the last week.
The buyers made their purchase around July 15, which corresponded with price surges that breached significant resistance points, notably $62,500, and climbed up to $68,000 by the weekend.
New BTC Whales Have Key Support At $64,000
Currently, the analyst pointed out, the median price for a new whale is approximately $64,000. If prices continue to climb above this figure, the optimistic outlook persists, making it difficult for major investors to change their minds.
When prices fluctuate suggestively, indicating possible buying activity, it’s essential for traders to keep an eye on their response at significant resistance points.
According to the daily chart analysis, Bitcoin needs to bounce back from prices below $66,000 and regain strength to surpass key resistance levels at $70,000 and $72,000. These levels have previously served as significant points of liquidation or accumulation for traders.
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2024-07-25 02:42