Bitcoin (BTC) has recently witnessed a strategic accumulation of approximately 1.11 million BTC between the price range of $42,560 and $43,245. Renowned crypto analyst Ali has highlighted this accumulation, emphasizing that these holdings have yet to be offloaded, creating a formidable support wall for the leading cryptocurrency.
The strength of this support becomes crucial as it could potentially pave the way for further upward momentum for Bitcoin. If the digital asset manages to hold above the $42,560-$43,245 range, analysts anticipate limited resistance, suggesting a smoother path for BTC’s advance. However, a failure to maintain this level could result in a downward shift towards the next critical area of interest, ranging between $26,770 and $30,220.
Big Players Back Bitcoin: Bullish Trend Reinforced
Adding to the narrative, Titan Of Crypto, another prominent crypto analyst, has emphasized the prevailing institutional bias in favor of Bitcoin’s bullish trajectory. The institutional bias is discerned through the retesting of the blue line, a combination of the 9 EMA (Exponential Moving Average) and the 18 EMA. The confluence of these indicators suggests a positive sentiment among institutional players.
“Institutional bias remains bullish with BTC retesting the blue line. When in doubt, zoom out,” advised Titan Of Crypto, underscoring the importance of a broader perspective when evaluating market trends.
As of the latest update, the current value of Bitcoin stands at $43,821, reflecting a 24-hour trading volume of $118.14 billion. Bitcoin’s market capitalization hovers at $858.57 billion, maintaining a market dominance of 52.17%. Over the past 24 hours, BTC has experienced a slight decrease of -0.24%.
Looking ahead, Changelly, a cryptocurrency exchange platform, has presented a Bitcoin price prediction that foresees a potential -6.55% decrease in the cryptocurrency’s value. According to their analysis of technical indicators, the current market sentiment is marked by a 14% Bearish inclination, as indicated by the Fear & Greed Index scoring 71 (Greed).
As the crypto community closely watches these developments, the coming days will likely provide more clarity on whether Bitcoin can sustain its current support levels and continue its bullish trajectory or if a correction to lower price ranges is imminent.
Related Reading | Shiba Inu Whale Activity Plummets By 86.88% Amidst Price Volatility