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Bitcoin is now trading at $59,400.95, up 2.24% in the last 24 hours. BTC remains below the $60K psychological resistance level. The market has a cap of $1.17 trillion with the 24-hour trading down by 7.37% to $27.1 billion.
In the last 10 days or so, BTC price is stuck around $61K to $56K as the transfer volumes increase. Data from CryptoQuant reveals an average daily BTC trading transfer volume of about $765k which was up from approximately $650k during this time last month. This suggests that larger investors are involved and making larger purchases while smaller investors are selling off their bitcoins due to panic buying among others. Bitcoin demand is strong at this level as indicated by absorption of selling pressure from small holders, especially near the mark of $57,000.
This support might be considered as a stronger activity within institutional players who see “attractive prices” indicating there could be some sort of lasting recovery here for Bitcoin if it happens, while there have also been updates regarding tether treasury creating $1 billion on Tron blockchain.
Bitcoin's low volatility suggests that it is readying itself for something big ahead. The next significant resistance sits at around $68K where we have seen a bullish flag pattern resistance. Should the flag break out and close above the zone, it is likely to start another upward move.
The MACD indicator on the daily chart has experienced a bullish crossover where the MACD line moved above the signal line and histogram turned positive. Often times, this is a bullish signal, showing probability for momentum to shift in favor of buyers. In addition, with MACD positioned above zero, there is a potential upside.
There have been recent filings made by some Wall Street powerhouses such as BlackRock that have shown these firms buying Bitcoin ETFs, illustrating growing institutional interest in the crypto space. This is bullish because it means there are more investors who view this digital asset’s value proposition over time as being stable enough for them to invest their money into it instead of just speculating on its future price movements like many others.
Bitcoin’s price movement will be governed by both technical factors and market sentiment moving forward.
2 days ago Ali Martinez stated that it's only been 119 days since the 2024 Bitcoin halving. In the last two cycles, $BTC hit a top around 530 days after halving. If history were to repeat itself then we could potentially see much higher levels ahead therefore making it an excellent opportunity towards accumulating coins today.
Rising transfer volumes, strong technical indicators and increasing institutional acceptance point to the possibility of a breakout. Keep an eye on resistance at $68,000 as a breach could open the doors for Bitcoin to target the $100k mark.
