Bitcoin: This is what traders can expect after BTC’s slow and steady comeback
Bitcoin [BTC] has managed to show some optimism among traders in recent days. Kongekrypten is on its way to registering its largest weekly gain in the last nine weeks. This news comes after BTC’s worst quarterly result, which ended in June. Key figures further drive Bitcoin in the right direction after stabilizing around $ 21,550.
Alas, it happens!
Bitcoin is again at the center of attention in the crypto community. But this time it is only for the right reasons as the main cryptocurrency is staging a comeback in early July. BTC is currently trading at just over $ 21,550 according to CoinMarketCap. It is looking to keep its fort down around this zone despite a relative decline of 1.2% in the last 24 hours. Nevertheless, BTC has been able to shoot up to 12.2% in the last week.
A major reason for the bull activity is the accumulation of Bitcoin sharks (stock between 10 BTC-100 BTC). As Santiment observed, sharks have renewed their accumulation over a five-week trend. During this period, the BTC value fell by 27%, with the sharks adding 52k BTC to their ranks. Their stock now stands at 4.29 BTC instead of the latest trends.
Source: Santiment
The Bitcoin Fear and Greed Index also runs at two months high after shooting up to 20. This is another bullish indicator for Bitcoin.
In another Santiment tweet, it was found that traders’ attempts to short BTC failed spectacularly. The tweet reads: “Average exchange rates suddenly fell from a cliff nine hours ago, and there were plenty of short liquidations.” Prices fell back to $ 21,800, but later stabilized at current levels. This is another key factor that signals the strength of the network.
Source: Santiment
Old trends go short!
It is not common for Bitcoin to be bullish without whale activity, but it will be a full-fledged trend according to the latest data. The recent rise to $ 22,527 on July 6 was down to positive emotions in the market without the blessing of the whales. This also serves as a strong indication of a Bitcoin recovery. In addition, the CEO of MicroStrategy, Michael Saylor, commented on the recent increase in the royal coin in a recent tweet.
August 11, 2020, @Mikrostrategi took hold of his #Bitcoin Strategy, acquisition of 21,454 bitcoins for a total purchase price of 250 million dollars.
The performance since that time of BTC is +83%, $ MSTR is +79%, S&P is +16%, Nasdaq is +6%, gold is -14%, bonds are -16%, and silver is -33%.
– Michael Saylor⚡️ (@saylor) July 8, 2022
