bullish

Bitcoin

when

Story

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Marathon Digital plans to raise $250 million to increase its Bitcoin holdings.</li>
 <li>Bitcoin supply reserves on exchanges have reached their lowest level since 2018.</li>
</ul>
<p>Marathon Digital, a prominent <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> mining company, has announced its intention to amass an additional $250 million to expand its Bitcoin holdings.</p>
<p>Having acquired $100 million worth of Bitcoin in July, Marathon now possesses 20,000 BTC. Recent statistics indicate a steady increase in Bitcoin holdings by large investors, or “whales”, over the preceding months, demonstrating robust market confidence.</p>
<h2 id="institutional-involvement-and-supply-reserves">Institutional Involvement and Supply Reserves</h2>
<p>This surge in institutional participation is reflected in the consistent rise of accumulation indicators, corroborated by various metrics including supply reserves.</p>
<p>Bitcoin reserves across all exchanges have plummeted to their lowest point since 2018, showing a significant decrease since the beginning of the year.</p>
<p>This trend implies that institutions are consistently acquiring Bitcoin, probably in anticipation of a favorable market trend. A decrease in available supply is a potent bullish indicator, signifying increasing investor faith in Bitcoin’s future.</p>
<h2 id="liquidation-levels-and-cme-gaps">Liquidation Levels and CME Gaps</h2>
<p>Coinglass predicts that Bitcoin short positions worth over $15 billion will be liquidated if the price reaches $72K. There is significant liquidity between the $70K and $72K marks, suggesting a market shift as large institutions accumulate Bitcoin for long-term gains.</p>
<p>This week, Bitcoin has formed another CME gap, adding to the two significant gaps it has recently closed. The latest closure at $63K marked a local peak. There is now a new gap above the $61K price point. Although gaps don’t always close, they frequently do, indicating price rallies towards the gap.</p>
<h2 id="bitcoin-rsi-and-fibonacci-levels">Bitcoin RSI and Fibonacci Levels</h2>
<p>The AMBCrypto analysis team noticed that the 2-week Bitcoin RSI hit the cycle tops, but the 3-week RSI provided a more accurate depiction of market sentiment.</p>
<p>Bitcoin’s RSI pattern currently mirrors the 2016-2017 period when it was targeting new highs. Unlike previous cycle peaks, this suggests that the bull market could continue for over a year once institutions finish accumulating.</p>

Unveiling Marathon Digital’s $250M Venture into Bitcoin: The Inside Story

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CoinEagle.com

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