In a significant move reflective of renewed bullish sentiment, Bitcoin whales have acquired a staggering 71,000 BTC worth around $4.2 billion over the past week.
According to a Saturday tweet from crypto analytics firm IntoTheBlock, large holders of Bitcoin capitalized on the recent price corrections to bolster their positions significantly.
This surge in accumulation follows a period of volatility that saw Bitcoin’s price dip to $53,800 on July 6th, only to rebound in the past week swiftly.
Notably, the timing of these whale purchases aligns with recent market developments and expert analyses predicting the onset of a new bullish cycle for Bitcoin. On Sunday, analyst Michael van de Poppe, founder of MN Trading, pointed to Bitcoin’s resilience and its potential role as a hedge against global uncertainties, suggesting that the top crypto asset could be starting a new bull cycle.
“Bitcoin just started a new cycle. BlackRock already mentioned that ‘Bitcoin is a hedge against global uncertainty’. Similar to what Gold was in the 1930’s. The assassination attempt on Trump confirms this. The World Order is changing, and Bitcoin is our solution.” Wrote Michael.
Elsewhere, popular analyst Ali Martinez observed bullish indicators such as the formation of an ascending triangle on Bitcoin’s four-hour chart following Bitcoin’s recent relief rally. In a Saturday tweet, the pundit noted that a breakout above the $59,200 resistance level could fuel a potential rally towards $63,800, contingent upon sustained market momentum.
However, in a subsequent tweet, the pundit cautioned that Bitcoin remains below its 200-day simple moving average (200 DSMA), suggesting potential for further decline. Emphasizing the need for a sustained breakout above this level, he highlighted that confirming a prolonged uptrend hinges on this crucial development.
Meanwhile, analyst Crypto Tony expressed optimism regarding Bitcoin’s ability to reclaim $60,500, identifying it as a pivotal threshold for bolstering bullish momentum.
At the time of reporting, Bitcoin was trading at approximately $59,984, reflecting a 2.3% increase over the past 24 hours and restoring its market capitalization to about $1.18 trillion. Notably, the attempted assassination of Donald Trump earlier on Sunday triggered an immediate response in the crypto markets, propelling Bitcoin to $60,300, its highest in 10 days.
Analysts from Santiment noted a bullish sentiment surrounding political events. The cryptocurrency community reacting positively to Trump-related news ahead of the November elections suggests potential further surges in Bitcoin before then.
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