2024-5-21 20:48 |
Bitcoin continued its ascent on Monday, building upon its impressive momentum from the preceding week when it reached a peak of $68,203. Despite undergoing a period of consolidation within a channel since mid-March, the main trend remains particularly bullish.
On Monday, popular cryptocurrency analytics platform Santiment underscored Bitcoin’s resilience. They observed that this activity could be considered a positive sign while smaller traders have been shedding their holdings amidst the recent price surge.
“Bitcoin is maintaining levels just above $66,100 as smaller traders persist in liquidating their holdings despite the crypto rebound over the past week. Historically, the transfer of coins from smaller to larger wallets signifies an encouraging and bullish trend for $BTC,” Santiment tweeted.
Adding to this optimistic sentiment is Axel Adler, a crypto analyst at Cryptoquant, who observed that entities possessing over 1,000 Bitcoins have been accumulating and refraining from selling, anticipating an upswing in value.
“The current 30-day average is 641 BTC. Whales are unwilling to sell their coins as they anticipate a rise in value,” the analyst added.
Andler further noted that investors holding Bitcoin for 1-3 months have exited unrealized losses. He also noted that the MVRV for this timeframe has turned positive at $66,500. Looking ahead, he emphasized that $70,000 remains a crucial resistance level to watch.
Elsewhere, analyst Sonny Mulder also expressed optimism about the continuation of the uptrend. “Seems like it’s gearing up for another upward move soon,” Mulder tweeted. “The retracement to $50k appears less likely now, given that the last low was invalidated by a higher high… We must adjust our course and recognize the low at $56K as the more probable bottom unless we dip below our Wyckoff accumulation structure at approximately $61K.”
Another analyst, “DrProfitCrypto,” also pointed out that he anticipates that a breach above $70,000 will incite the initial wave of FOMO (fear of missing out) among investors, followed by another surge at $74,000. With ongoing institutional inflows and robust technical indicators, DrProfitCrypto set Bitcoin’s next target within the $82,000-$88,000 range.
Bitcoin traded at $68,288 at press time, reflecting a 2.25% increase over the past 24 hours. Notably, popular crypto analyst Ali Martinez noted the significance of over 530,000 $BTC transacted at $66,250, marking a crucial support level. According to him, Bitcoin has strong potential for further gains if it holds.
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