2024

bullish

Bitcoin

Bitcoin price retested the important resistance level at $65,000, driven by ongoing accumulation by whales and sharks and strong technicals.
Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) has entered a technical bull market after rising over 21% from its lowest level this month. According to Santiment, this price action has been largely fueled by increased accumulation by whales and sharks.
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 🐳📈 Bitcoin has officially reached a $65K market value for the first time since August 1st. Continued whale and shark accumulation has undeniably been a factor, preventing BTC from seeing sustained drops. $4.08B in BTC has been accumulated by 10+ BTC wallets in 6 months. <a rel="noopener noreferrer nofollow" href="https://t.co/9qGcVqtfZT" target="_blank">pic.twitter.com/9qGcVqtfZT</a>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1839320661132751234?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 26, 2024</a>
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MicroStrategy, the largest corporate Bitcoin holder, has been at the forefront of these purchases. Earlier this month, the company <a href="https://crypto.news/microstrategy-buys-bitcoin-worth-458m-total-holdings-hit-252220-btc/" target="_blank" rel="noopener noreferrer nofollow">bought coins worth $458 million</a>, bringing its total holdings to 252,220.&nbsp;
Institutional investors have also been increasing their Bitcoin purchases. Data shows that all funds have seen inflows for five consecutive days, with <a href="https://sosovalue.com/assets/etf/us-btc-spot" target="_blank" rel="noopener noreferrer nofollow">net inflows</a> this month totaling over $600 million.
These gains have been attributed to <a href="https://crypto.news/crypto-products-see-surge-in-inflows-fueled-by-fed-rate-cut/" target="_blank" rel="noopener noreferrer nofollow">falling interest rates</a> in many countries, rising global money supply, and recent stimulus measures by the Chinese government. The government plans to inject $142 billion into the economy. All these factors have contributed to a risk-on sentiment among investors, as evidenced by the rising fear and greed index.
Bitcoin is also reacting to the surging US public debt, which has jumped to over $35.4 trillion, with annual interest payments nearing $1 trillion. Traders believe that Bitcoin and <a href="https://crypto.news/gold-looks-more-attractive-than-bitcoin-in-hard-times/" target="_blank" rel="noopener noreferrer nofollow">gold are better alternative assets</a> to hedge against a default risk.
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Additionally, Bitcoin’s price has held steady due to improving technical indicators. It formed an inverse head and shoulders pattern, avoided a death cross pattern, and the Relative Strength Index has continued to rise, indicating that momentum is building.
However, Bitcoin is not out of the woods yet. A clear bullish breakout will be confirmed once it moves above the upper side of the descending trendline that connects the highest swings since March.
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Bitcoin price retests $65k; thanks to whales and sharks

crypto.news

Other articles published on Sep 27, 2024

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