Bull Market

Bitcoin

Recent data shows that the volume of Bitcoin exchanges has <a href="https://news.todayq.com/data-bitcoin-exchange-volumes-show-164-growth-in-2023/">increased</a> significantly from $875 million to $2.24 billion year-to-date, representing a growth of 164%. However, despite this growth, the current volume is still $3.86 billion (or 63.3%) lower than the all-time high of $6.1 billion, and Bitcoin was trading above $60,000 during the primary Bull Market of 2021. 
A report by Glassnode, an on-chain analytic firm, the price of Bitcoin has experienced ups and downs since reaching its all-time high (ATH) of around $69,000 in November 2021. Currently, it seems to be trading within a specific range determined by Fibonacci retracement levels: the -50.0% retracement at $34.3K and the -61.8% retracement at $26.2K. 
When anchoring from the Nov 2021 ATH, the 
In simpler terms, the spot price of Bitcoin has been hovering between approximately $34.3K and $26.2K, with fluctuations occurring within this defined range. Additionally, numerous bullish moves are happening concurrently. 
Previously, a long breakout of the trendline occurred around $20,000. After this, Bitcoin experienced ups and downs and reached a level of around $25,000, where an inverted head and shoulder pattern was observed. This pattern often leads to a breakout, and Bitcoin moved up by almost 20%, reaching around $30,000. After breaking the $26,000 level, BTC consolidated for approximately 90 days and retested its previous support level. Now, it is showing strength toward the -50.0% retracement level, which is around $34.3K. 
Data also reveals that since Bitcoin started falling from its all-time high of around $69,000, a total <a href="https://news.todayq.com/institutional-investors-accumulated-1-01-million-bitcoin-in-just-602-days/">accumulation</a> of 1.01 million Bitcoin has occurred until now, spanning approximately 602 days. Currently, Bitcoin is trading above $30,000, and there is growing interest from investors and asset management firms, resulting in a recent increase in exchange volume. 
Two major asset management firms, BlackRock and Wisdom Tree, filed applications for a Bitcoin ETF on June 15th and June 21st, respectively. This has strengthened investor <a href="https://news.todayq.com/bitcoin-leverage-reaches-comparable-levels-to-blackrock-etf-announcement-as-price-surges-above-31k/">confidence</a> in Bitcoin, leading to an impressive inflow of 130.6k BTC on June 19th, as reported by Intotheblock. This move has garnered attention, and <a href="https://news.todayq.com/institutional-investors-are-buying-bitcoin-despite-increasing-transaction-fees/">institutional investors</a> are increasingly interested in long-term investments, as evidenced by recent developments. 
BlackRock’s CEO, Larry Fink, has recently shown a significant shift in his perspective toward cryptocurrencies, particularly Bitcoin. In a recent interview with Fox Business, Fink praised Bitcoin as an “international asset” and compared it to “digitizing gold.”&nbsp; 
© Todayq News

If Bitcoin breaks the $34.3k level next bull run may start

Todayq News

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