Tanya Abrosimova
Independent Analyst
- 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
-637279060511820953.png)
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.