Bulls took the initiative over the weekend and also seem to be more powerful than the bears on the last day of the week. And Bitcoin bounced above $60K on the last day of the week. It is currently trading at $60,094 and buyers are still looking very powerful, signaling that it could move higher.
If the bulls continue to hold the gained initiative, Bitcoin may test $ 61,000 and $ 62,000 in the following sessions. In particular, the resistance at $62,000 is very strong and a break of this resistance could trigger a bull run.
Additionally, according to data from IntoTheBlock, whales continued to accumulate Bitcoin over the past week, taking advantage of the recent price drop.
According to data shared by IntoTheBlock, investors holding more than 0.1% of the Bitcoin supply took advantage of the recent price decrease and added 71,000 BTC (worth approximately $4.26 billion at its current price) to their wallets. These are really huge purchases but it is not surprising to me, I was guessing that wealthy investors were buying large amounts of BTC.
It is too early to say that the price correction is over, but the recent rise signals that it may end soon. The bulls still look very powerful and if they continue to hold the gained initiative we may see some fireworks soon. Additionally, many cryptocurrencies are strongly following Bitcoin's rise. I think that Bitcoin breaking the resistance at $61,000 will increase the positive atmosphere in the crypto market, and especially breaking the resistance at $62,000 may trigger a new bull run. Also, I think that not only Bitcoin but many cryptocurrencies can accompany the bull run. We'll wait and see.
Thank you for reading
@rtonline
This is not investment advice, I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
Posted Using InLeo Alpha
