As a seasoned researcher with years of market analysis under my belt, I find myself intrigued by the recent developments in the Bitcoin market. The price retest at $65,000 is a significant milestone, and the continued accumulation by whales and sharks, as highlighted by Santiment, is a clear testament to their faith in BTC‘s potential.
The cost of a single Bitcoin briefly returned to the significant barrier at $65,000, fueled by continued buying from large investors (whales and sharks) and robust technical indicators.
Bitcoin (BTC) has moved into a technical uptrend, surging more than 21% from its low this month. As per Santiment’s analysis, the primary driver behind this price surge appears to be increased hoarding by large investors, such as whales and sharks.
As a researcher studying the cryptocurrency market, I’m thrilled to report that Bitcoin has broken through its previous high of $65K for the first time since August 1st. The consistent buying by ‘whales’ and ‘sharks,’ significant investors in this space, appears to have played a pivotal role in preventing any significant drops in BTC‘s value. Over the past six months, these large-scale investors have accumulated approximately $4.08B worth of Bitcoin, with over 10 such wallets holding the digital gold.— Santiment (@santimentfeed) September 26, 2024
In a leading role among corporations, MicroStrategy has been actively acquiring Bitcoin. Just recently, it purchased Bitcoin valued at approximately $458 million, which now totals 252,220 coins in its possession.
It’s worth noting that institutional investors have been steadily purchasing more Bitcoin. In fact, there has been an uninterrupted increase in investments for the past five days, amounting to a total of over $600 million this month.
These advantages are often linked to decreasing interest rates across various nations, an increase in global monetary circulation, and recent economic stimulus initiatives by China’s government. The government intends to invest $142 billion into the economy. Collectively, these elements have fostered a positive risk-taking attitude among investors, as demonstrated by the escalating fear and greed index.
Bitcoin, like other financial markets, is being influenced by the escalating U.S. public debt, now exceeding $35.4 trillion, with annual interest costs approaching $1 trillion. Investors perceive Bitcoin and gold as more suitable investment options due to their potential for safeguarding against potential default risks.
As a researcher observing the cryptocurrency market, I’ve noticed Bitcoin’s price remaining robust, largely due to favorable technical signals. The formation of an inverse head and shoulders pattern suggests a potential bullish trend, while avoiding the ominous death cross pattern indicates a lack of bearish pressure. Moreover, the Relative Strength Index (RSI) has been steadily climbing, hinting at a growing momentum behind this digital currency.
Yet, Bitcoin hasn’t fully overcome its challenges. A definite upward trend will be signaled when it surpasses the upper boundary of the downward sloping trendline that links the highest peaks since March.
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2024-09-26 19:38