Ancient BTC Awakening – Sometimes it happens that bitcoins do not move for several years and then they resurface. This is the case of these 100 bitcoins that have just been transferred to new portfolios. This is BTC from the time of Satoshi Nakamoto. The cbitcoin bear tries to start rising again at the beginning of the week. Can BTC climb above $31,000?
Bitcoin price rebounds: 0.7% rise in 24 hours
For now, BTC avoid settling under $30,000. The buyers showed up, and the price of Bitcoin climbs 0.7% in 24 hours :
While BTC pauses in the trend initiated last week, BTC is up 14% in one week. In a month, the course is in increase of nearly 13%. BTC continues to outperform the prince of cryptocurrencies. Indeed, the grime pair of 1.2% in 24 hoursand of 5% in seven days. THE Bitcoin seems to be attracting investors…
>> 10% reduction on your trading fees? Sign up on Binance (commercial link) <<
Investors Trust Bitcoin Again
Despite the bear market, investors are always present. As explained in this article, the institutional players do not seem to have abandoned Bitcoin during the period of decline bringing BTC to $15,500.
According to the Coinshares weekly reportthe financial products offered by Grayscale and Coinshares experienced a explosion in demand. Indeed, Coinshares records nearly $200 million in admissionsA record since June 2022. Bitcoin was the first beneficiary, it attracted 94% of this capital. The report indicates that the recent optimism is likely due to the various demands for Bitcoin ETFs by financial behemoths. In fact, the giant Blackrock, Invesco, WisdomTree, or even Valkyrie recently applied for a Bitcoin ETF. At the moment, investors do not seem to be interested in altcoins.
The Battle for the $30,500 Level Continues on Bitcoin Price
The buyers have reacted well, they are trying to resume the level at $30,500. If the buyers push, the price could go back to the level of the resistance at 31,500 $:
No matter what, buyers must break out of resistance at $31,500. Indeed, if it yields, the price could return to the level of the resistance at $35,000. On the other hand, if the support gives way, the price could quickly reach the next rack at $29,800. For its part, the RSI tries to rebound, but the momentum remains bearish in the short term.
Despite the bear market, Bitcoin continues to attract investors. According to data coming from Coinshares, last week investors flocked to BTC. At the moment, altcoins are ignored by market operators. Bitcoin price is recovering from the $30,500 level in the short term, buyers would now need to tackle the resistance at $31,500.
Take advantage of the opportunities to buy low-cost cryptos that the market offers us! To not miss the opportunity of a lifetime, register quickly on the Binance platform. Save 10% on your trading fees by following this link (trading link).