BTC JUST HIT $109K, READY TO TEST HISTORIC HIGH?

 

Bitcoin’s active addresses surged by 11% over the last 7 days, reflecting growing interest in the crypto-asset. Such a hike is a crucial indicator of market activity, hinting at heightened transactional demand from both retail and institutional investors. Its price action on the charts revealed a double-bottom pattern forming strong support near $95,000, while the resistance at $109,200 remained a key hurdle.

If BTC can breach this resistance, it may pave the way for a major breakout. However, failure to maintain upward momentum could trigger a retest of lower levels, presenting a critical juncture for traders to monitor closely. Historically, such elevated whale activity is often seen as a precursor to large-scale buying or selling. In fact, this often precedes major price movements on the charts too.

Over the last 96 hours, more than 20,000 BTC, worth over $2 billion, have been withdrawn from exchanges. This trend indicated that investors have been moving their holdings to private wallets – A sign of long-term bullish sentiment.

Additionally, this bullish sentiment complemented the broader narrative of increasing interest in BTC, further solidifying the possibility of upward momentum in the short term. While risks of a pullback remain, data strongly supported a bullish case for the cryptocurrency as it reaches a new historic high ahead US president's inauguration.

As of now, at the time of writing this article, BTC is being traded around $108,300 and has seen a huge jump of 3.6% in its price in last 24 hours and over 18.91% in the last seven days. Also, its market capitalization just hit a new high at $2.15 Trillion.



>> Disclaimer Risk warning:- Cryptocurrency Investment is subject to high market risk. The information on our website is for educational purposes only. Please do your own research before investing anywhere, we will not be responsible for your investment losses.

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