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Cryptocurrency News Articles
Bitcoin Set for Bullish Reversal: Technicals, Whale Activity, and On-Chain Signals Fuel Optimism
May 10, 2024 at 01:46 am
Despite a recent 1.85% price decline, Bitcoin (BTC) technicals, whale activity, and on-chain data suggest bullish sentiment. The current price range retests former resistance, now acting as support, and whales have accumulated BTC in dips. Additionally, declining exchange balances indicate investor confidence and potential price appreciation in the future.
Bitcoin Poised for a Trend Reversal: Technicals, Whale Activity, and On-Chain Data Suggest a Bullish Outlook
Despite a recent 1.85% price dip, Bitcoin (BTC) remains poised for a trend reversal towards new highs, supported by a confluence of technical, whale activity, and on-chain indicators.
Key Support Areas Hold Strong
Over the past 24 hours, BTC has oscillated within a narrow range between $60,648 and $62,800. Notably, this price range aligns with a key support area that previously acted as resistance when BTC hit its previous all-time high on March 14.
Analysts from Rekt Capital and Moustache have observed this retesting of support levels, suggesting that the current price dip has not eroded market confidence. Rekt Capital highlights the monthly timeframe, where BTC is using the former resistance zone as new support.
Whale Accumulation Signals Bullish Sentiment
Amidst the recent market drawdown, Bitcoin whales have seized the opportunity to accumulate more BTC in the "prime buy zone," according to market intelligence firm Santiment. These large investors, holding over 1,000 BTC, have made strategic accumulation moves over the past 24 hours.
Santiment reports that addresses holding between 1,000-10,000 BTC have collectively purchased approximately $941 million worth of coins, lifting their holdings to a two-week high. This accumulation activity demonstrates confidence among whale investors despite the price drop.
Declining Exchange Balances
On-chain data from CryptoQuant further corroborates the bullish sentiment. The BTC balance on exchanges has reached a five-year low of 1.927 million BTC, representing a 6.54% decline over the past 90 days.
This declining trend indicates that investors are withdrawing their tokens into self-custody wallets, suggesting a lack of selling pressure and anticipation of future price appreciation.
Past Performance Offers Encouraging Precedent
From a historical perspective, BTC's current price behavior bears resemblance to previous periods that preceded parabolic uptrends. In 2017 and 2020, BTC retested its all-time highs and subsequently embarked on significant rallies.
Conclusion
The combination of technical support, whale accumulation, and declining exchange balances paints a bullish picture for Bitcoin. The current retracement appears to be a consolidation phase, providing an opportunity for investors to enter at favorable prices.
While past performance is not a guarantee of future results, the current market conditions suggest that Bitcoin is poised for a trend reversal and a potential surge towards new record highs.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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