A recent report from Bitfinex Alpha reveals that long-term investors are steadily accumulating bitcoin, indicating strong demand in the market. The report examines bitcoin volatility, investor accumulation, and the potential implications for the market. It highlights that long-term bitcoin investors continue to accumulate approximately 42,200 BTC per month, suggesting the possibility of further accumulation for the next six to 12 months. The report also mentions the potential increase in volatility due to the upcoming bitcoin halving event and news surrounding the ETF application by BlackRock. However, the current volatility levels remain relatively low compared to previous bull markets and the COVID-19 pandemic crash.
Peter Schiff, a well-known bitcoin critic and gold advocate, recently stirred controversy with his comments about the ongoing crypto rally. While whales continue to accumulate BTC, Schiff maintains his skepticism and predicts the end of the rally. The current bitcoin price is around $30,767.02, showing a 1.27% increase in the last 24 hours and a 14.45% increase in the weekly timeframe. The Relative Strength Index (RSI) value of 70.5 on the weekly timeframe indicates that the market is currently overbought. There have been significant price swings within a narrow range, creating optimism among bitcoin investors. However, a price rejection could lead to a drop below $28,000, while surpassing $30,000 could trigger a stronger bullish momentum. The upcoming bitcoin halving event, scheduled in approximately 300 days, introduces an interesting dynamic as historically, such events have been associated with increased market activity and price movements.
Continue reading on Crypto.news
By
By
By
