Bitcoin Price Continues to Rise
The price of Bitcoin has increased by 1.5%, reaching $38,000 levels today. On-chain metrics suggest that bulls are gaining momentum and are aiming for $40,000 and beyond.
Increase in USDT Buying Power
The top 100 largest Tether wallets have accumulated over $1.67 billion in USDT tokens in the past six months. This indicates a 10% growth in buying power during this period.
Bitcoin Price Surge Linked to USDT Addresses
According to on-chain data provider Sanitment, the recent surge in Bitcoin’s price to $38,300 can be attributed in part to the top 100 largest Tether addresses, which have added a total of $1.67 billion in the last six months.
Bitcoin Surpasses $38,000 Mark
Following the monthly delivery, Bitcoin has broken the $38,000 mark and reached a new high for the year. This upward movement has also contributed to the recovery of Dvol, which had dropped to 51% but has now returned to its recent average of 54%.
Optimism Surrounding ETF Approval
There is currently a high level of optimism regarding the potential approval of an Exchange-Traded Fund (ETF) in the first quarter of next year. Market sentiment and positive bias indicate that investors should consider any declines as an opportunity to enhance their positions until the ETF is officially adopted.
Resistance at $38,000, but Bullish Sentiment Prevails
The upward momentum of Bitcoin is facing resistance around the $38,000 mark, but the subsequent declines have been minor, indicating persistent demand from buyers during price consolidation.
Analysts observe an ascending triangle pattern on the price chart, with a horizontal upper resistance at $37.8K and a rising lower support from shallow pullbacks. The shallow nature of recent declines suggests growing bullish sentiment, and some analysts anticipate a potential breakout above $40,000 considering this formation. However, the timing of this breakout remains uncertain.
Hot Take: Bitcoin Bulls Gain Momentum as Price Approaches $40,000
Bitcoin’s recent surge in price has been fueled by the increasing buying power of large Tether addresses. This growth in USDT tokens indicates a bullish trend and raises the possibility of Bitcoin surpassing $40,000 in the near future. Additionally, market optimism regarding the approval of an ETF further contributes to the positive sentiment surrounding Bitcoin. While there is resistance at the $38,000 mark, the minor declines suggest strong demand from buyers. Analysts are watching closely for a potential breakout above $40,000 as Bitcoin continues its upward momentum.
By
By
By
By
