Bitcoin Price Analysis As Smart Money Continues Buying Spree; Is $75k Next?
The post Bitcoin Price Analysis As Smart Money Continues Buying Spree; Is $75k Next? appeared on BitcoinEthereumNews.com.
The cryptocurrency market showcases low volatility on the weekend as the BTC price tries to stabilize after the weekday rally. The renewed recovery can be attributed to a significant inflow into Spot Bitcoin ETFs and whale accumulation. Given the current bullish momentum, the Bitcoin price analysis suggests that buyers might soon bridge the 9.26% gap to an all-time high of $73,750. Is it still a good time to invest? Bitcoin Price Analysis: Key Levels to Watch Amid Market Recovery Bitcoin Price Analysis| Tradingview The Bitcoin price analysis in the past three weeks shows a V-shaped recovery in the daily time frame. This bullish turnaround has uplifted the asset from $53500 support to a week’s high of $67617, accounting for a 26.2% growth. Amid the weekend consolidation, the BTC faced supply pressure at $67277 resistance and dipped 0.45% to trade at $66868. Consecutively, the market cap wavers at $1.319 Trillion. If the bullish momentum persists, the Bitcoin price could jump another 5.6% before challenging the major resistance of the broadening wedge pattern. With diverging trendlines as dynamic support and resistance, this chart setup has guided Bitcoin in its past four-month consolidation. A potential breakout from the overhead trendline will signal the continuation of the prevailing uptrend. According to Lookonchain, a prominent on-chain data tracker, a whale has been on a buying spree, accumulating a substantial amount of Bitcoin in a short period. The smart money bought 213.78 $BTC($14.48M) again 9 hours ago! He has bought 677 $BTC($45.6M) in the past 4 days.https://t.co/dOPKLO9Irg pic.twitter.com/tZXJ6H6bBn — Lookonchain (@lookonchain) July 21, 2024 Over the past four days, this smart money investor has purchased a total of 677 BTC, valued at approximately $45.6 million. The most recent transaction occurred just nine hours ago, with a purchase of 213.78 BTC worth $14.48 million. This pattern of large-scale acquisitions…
Filed under: News - @ July 22, 2024 1:22 am