Bitcoin

Strong

Reversal

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-climbs-sharply-as-whales-increase-holdings" rel="noopener noreferrer nofollow">Bitcoin Climbs Sharply as Whales Increase Holdings</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-miners-sell-off-a-prelude-to-a-market-downturn" rel="noopener noreferrer nofollow">Bitcoin</a>, the leading cryptocurrency, has shown a notable upsurge at the onset of February after a period of low volatility. The rising interest in spot Bitcoin ETFs has exerted upward pressure on the asset, propelling it over the $48,000 mark for the first time since these ETFs were introduced. The positive price movement has also spurred a revival among other significant cryptocurrencies.</p>
<h2 id="strong-uptrend-as-bitcoin-recovers-losses">Strong Uptrend as Bitcoin Recovers Losses</h2>
<p style="text-align: justify">Over an eight-day streak, Bitcoin’s value soared from $42,280 to $48,050, marking an impressive 13.65% increase. This rally not only recovered half of the losses from the last downturn but also showcased the solid confidence of buyers in the cryptocurrency market.</p>
<h2 id="investors-in-profit-and-whales-buying-more">Investors in Profit and Whales Buying More</h2>
<p style="text-align: justify">On-chain analytics firm IntoTheBlock reported that the current surge has put 90% of Bitcoin holders in a profitable position, decreasing the chances of a mass sell-off and paving the way for sustained growth. Bitcoin is now eyeing the $49,000 resistance level, and a break above it could solidify the ongoing bullish momentum, reflecting widespread market optimism.</p>
<p style="text-align: justify">Furthermore, Bitcoin whales have been actively accumulating, adding 140,000 BTC, valued at approximately $6.16 billion, to their coffers within three weeks. This accumulation trend was highlighted by seasoned crypto analyst Ali Martinez as a sign of strong bullish sentiment among large-scale investors.</p>
<h2 id="indications-of-a-potential-bullish-reversal">Indications of a Potential Bullish Reversal</h2>
<p style="text-align: justify">A broader timeframe analysis suggests that Bitcoin may be forming a bullish ‘cup and handle’ pattern, a technical indicator that often signals a trend reversal following a significant drop. The current consolidation phase within this pattern offers an opportunity for investors to stock up on undervalued assets. A breakout beyond the $49,000 threshold could confirm this formation and potentially set a target for BTC prices around the $81,600 level.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-climbs-sharply-as-whales-increase-holdings" rel="noopener noreferrer nofollow">Bitcoin Climbs Sharply as Whales Increase Holdings</a></h5>

Bitcoin Climbs Sharply as Whales Increase Holdings

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