After the daily candlestick closed above $29.3k on Thursday, Bitcoin prices ensured a bullish outlook
After the daily candlestick closed above $29.3k on Thursday, Bitcoin prices ensured a bullish outlook. Although the daily Relative strength index (RSI) shows a decline in divergence, all the focus is on the performance of Bitcoin in the coming days. Therefore, the most bullish question is whether the asset can ensure a breakthrough of over $31000.
It is worth noting that Bitcoin investors are waiting for significant news from the United States next week, including FOMC statements. In this regard, as the Federal Reserve takes action to rescue First RepublicBank (with deposits significantly shrinking this year and the stock market plummeting by over 95%), Bitcoin investors remain extremely optimistic about its long-term success.
Bitcoin holders actively accumulate
According to Glassnode Chief Chain Analyst@_ Checkmatey_ According to the Bitcoin report released on Twitter, Bitcoin holders with balances less than 10BTC continue to actively increase their holdings of top digital assets in the bear market. According to reports, over the past 12 months, Bitcoin investors with a balance of less than 1 BTC have significantly increased their holdings.
These crazy HODLers are still acquiring tokens at a rate of $28000 BTC per month. The past 12 months have been the largest expansion of Shrimp balances in history, and they seem to have become aggressive during the selling opportunities, "analysts pointed out.
Interestingly, since the implosion of FTX and Alameda Research, Bitcoin shrimp have increased their coin accumulation rate.
Meanwhile, Bitcoin holders who hold 1-10 Bitcoins have also intensified their holdings in recent months.
Price Action
On Friday, the price of Bitcoin has risen by over 76% year to date, with a trading price of approximately $29200. However, top-level digital assets are still affected by the weekly death crossover between 50 and 200MA. In the short term, Bitcoin prices must break through the downward trend of the four hour chart in order to invalidate the bearish outlook.
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