Bitcoin Price Retests $65k; Thanks To Whales And Sharks

Bitcoin price retested the important resistance level at $65,000, driven by ongoing accumulation by whales and sharks and strong technicals.

Bitcoin (BTC) 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.

MicroStrategy, the largest corporate Bitcoin holder, has been at the forefront of these purchases. Earlier this month, the company bought coins worth $458 million, bringing its total holdings to 252,220. 

Institutional investors have also been increasing their Bitcoin purchases. Data shows that all funds have seen inflows for five consecutive days, with net inflows this month totaling over $600 million.

These gains have been attributed to falling interest rates 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 gold are better alternative assets to hedge against a default risk.

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.

RECENT NEWS

Ether Surges 16% Amid Speculation Of US ETF Approval

New York, USA – Ether, the second-largest cryptocurrency by market capitalization, experienced a significant surge of ... Read more

BlackRock And The Institutional Embrace Of Bitcoin

BlackRock’s strategic shift towards becoming the world’s largest Bitcoin fund marks a pivotal moment in the financia... Read more

Robinhood Faces Regulatory Scrutiny: SEC Threatens Lawsuit Over Crypto Business

Robinhood, the prominent retail brokerage platform, finds itself in the regulatory spotlight as the Securities and Excha... Read more

Ethereum Lags Behind Bitcoin But Is Expected To Reach $14K, Boosting RCOF To New High

Ethereum struggles to keep up with Bitcoin, but experts predict a rise to $14K, driving RCOF to new highs with AI tools.... Read more

Ripple Mints Another $10.5M RLUSD, Launch This Month?

Ripple has made notable progress in the rollout of its stablecoin, RLUSD, with a recent minting of 10.5… Read more

Bitcoin Miner MARA Acquires Another $551M BTC, Whats Next?

Bitcoin mining firm Marathon Digital Holdings (MARA) has announced a significant milestone in its BTC acquisition strate... Read more