Bitcoin Surges Past $44,300
Bitcoin experienced a 5% rally on Tuesday evening, pushing its price above $44,300. As of now, Bitcoin is trading at $43,744 with a market cap of $855 billion.
Bitcoin Whales Return to Buying
New data from Santiment shows that the recent surge in Bitcoin’s price is closely linked to the activity of large wallets holding 100 or more Bitcoins. Over the past four weeks, 48 of these whale wallets have reemerged, indicating renewed interest and activity among major players in the Bitcoin market.
Spot-Driven Dynamics in the Bull Market
The current bullish market is primarily driven by spot-driven dynamics, as major derivatives data remains stable. Futures premiums are holding at around 10%, while options implied volatilities (IVs) show modest gains.
Bitcoin Investors Should Exercise Caution
While Bitcoin maxis are excited about the recent price surge, technical charts suggest that investors should wait before making any new entries. Crypto analyst Ali Martinez warns of a potential correction in Bitcoin’s price based on the TD Sequential indicator, which indicates that the correction could begin within the next 7 to 48 hours.
New Price Range and Potential Market Movements
Crypto analyst Michael van de Poppe suggests that a new price range has formed and expects a consolidation phase before a potential final push towards the $48,000 to $50,000 range. Following this, he predicts sideways action with a support level between $36,000 and $38,000. Investors are advised to closely monitor these potential market movements.
Hot Take: Bitcoin’s Rally Continues with Whale Wallet Activity
Bitcoin’s rally continues as its price surpasses $44,300. The return of large whale wallets holding 100 or more Bitcoins indicates renewed interest and activity among major players in the market. While spot-driven dynamics drive the current bull market, investors should exercise caution as a potential price correction looms. Analysts predict a consolidation phase before a potential push towards the $48,000 to $50,000 range. Monitoring these market movements is crucial for investors.
By
By
By
By