A recent report highlights the increasing accumulation of Bitcoin sharks, but the distribution among miners is increasing.The market is riding an incredible wave of strength, and Bitcoin breaking through $30800 may open the bullish gate
A recent report highlights the increasing accumulation of Bitcoin sharks, but the distribution among miners is increasing.
- The market is riding an incredible wave of strength, and Bitcoin breaking through $30800 may open the bullish gate.
- A pullback to $28000 may provide a buying opportunity.
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Over the past two days, Bitcoin [BTC] has not retreated below the $29000 mark. On the contrary, bulls can defend the level of $29600, with BTC trading at $30700 as of the time of writing.
A recent report emphasizes the increasing accumulation of Bitcoin sharks, but Bitcoin miners and whales have helped distribute coins. Despite the high market sentiment in recent weeks, demand and prices continue to grow, which may lead to long-term short positions offside.
The price is once again at an important resistance level, but may break through
Source: BTC/USDT on TradeView
The daily time frame deviation of Bitcoin is bullish. The price has been retested at a key resistance level around $30000. Especially the level of $30800 became a resistance level in mid April. It seems possible to break through this level.
The trend in 2023 has been bullish, but this does not mean that a bull market has begun. Above $30800 to $31500, the next resistance level to note is $32800 and $34500. 100% Fibonacci expansion of $342000 is an effective bullish target, especially if BTC can break through $30800.
A RSI above 70 indicates an overbought situation, while a CMF of+0.1 indicates a significant influx of funds into the Bitcoin market. They indicate that Bitcoin may continue to show an upward trend.
Above the resistance level of $30800, there was no significant resistance area for sellers until the $34000 area. Therefore, moving upwards may lead to a rapid surge in prices.
Bitcoin continues to flow out of exchanges, indicating a surge in demand
Since early May, the supply to the exchange has been steadily declining. This indicates an increase in the withdrawal of Bitcoin from exchanges. Due to investors' desire to host their BTCs elsewhere, the SEC's stance on Coinbase and Binance may have played a role in promoting withdrawals.
The price increase indicates that the strong purchasing pressure of the past ten days is also a factor. On June 19th, the balance of foreign exchange flow significantly decreased. At the same time, there have been some peaks in the age of consumption over the past week.
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