Bitcoin market Update: BTC/USD moves back inside a triangle, the endgame is near

  • Bitcoin whales are accumulating BTC on their walets.
  • BTC/USD stays within a triangle pattern again.

Bitcoin (BTC) is changing hands at $9,515, mostly unchanged since the start of the day. On a day-to-day basis, the first digital asset gained nearly 5% and partially recovered Monday's losses. 

Bitcoin whales grow in numbers

The number of Bitcoin whales reached the levels last seen in 2017 ahead of the major rally. The population of Bitcoin holders with over 1000 BTC has been growing steadily since January 2020 and hit 1882 by now, according to Glassnode.

Experts noted that large Bitcoin investors are not discouraged by weak BTC momentum in 2020 as they continue hoarding coins. 

BTC/USD: technical picture

Bitcoin returned inside the triangle pattern and tested its upper boundary at $9,550 during early Asian hours. Despite the recovery, the short-term trend remains bearish from the intraday low of $8,973, BTC/USD is moving within a strong bearish trend amid high volatility

A strong move above the channel resistance created by the upper border of the above-mentioned triangle pattern at $9,550 will increase the bullish pressure and push the coin towards the psychological $10,000. Once this barrier is cleared, the upside momentum is likely to gain traction with the next focus on  $10,400 (June 1 peak). It is followed by $10,511, which is the highest level of the year. 

On the downside,  a sustainable move below daily SMA50 at $9,285 and the lower border of the above-mentioned triangle will worsen the technical picture and allow for an extended sell-off  towards $9,000. 

BTC/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Solana price eyes new all-time highs before taking a breather

Solana (SOL) price has successfully broken out of the descending top line that was keeping  SOL price trapped below $200. The breakout rally began  at the level of the 50-day Simple Moving Average (SMA), a level which has provided support on several previous occasions. 

More Solana News

Terra hits new record in total value locked ahead of 10% of LUNA supply burn

Terra money ecosystem got its first play-to-earn game Flokiverse that offers passive income to players.Over 100 projects are lined up for launch on the Terra network, a new wave of TeFi. Proposal 128, to initiate IBC on Terra, has passed; DeFi interchain highways for Cosmos ecosystem have arrived.

More Terra News

Polkadot price bound for 50% breakout if DOT bulls can overcome this hurdle

Polkadot price is currently facing a decisive moment as it trades between two significantly troublesome barriers. While overcoming these hurdles will be trying, doing so will lead to a volatile move.

More Polkadot News

BNB to rise over 30% as Binance Smart Chain proposes to burn BNB fees like Ethereum

Implementing a burning policy triggered the “Triple Halving” in Ethereum, driving a supply shortage of Ethereum in circulation. In a similar way, Binance proposes to burn Binance Coin in every transaction. 

More Binance Coin News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast