Bitcoin Bulls Return! Whales Accumulate, Price Eyes $60K Target

Bitcoin (BTC) is back in the game with a vengeance! After a recent price plunge, the leading cryptocurrency has staged an impressive three-day comeback. During early European trading, Bitcoin surged over 3%, currently hovering around $59,200. This bullish move isn’t just for Bitcoin – altcoins like Avalanche, Cardano, and Polkadot are also riding the wave.

Read on to find out what experts are saying and what the future holds for Bitcoin.

Fear and Greed Index at Peak Levels

The sudden Bitcoin pump did not catch most investors off guard, especially compared to the recent market capitulation. Approximately $106 million was liquidated from the entire crypto derivatives market, a stark contrast to the $700 million during the previous downturn.

Bitcoin’s fear and greed index indicates that the crypto market is experiencing its highest level of fear since January 2023. This heightened fear follows Bitcoin’s dip towards $54,000, spurred by ongoing sell-offs from the German government and Mt.Gox repayments, which some investors saw as a buying opportunity.

Whales on the Move!

On-chain data reveals that a single whale purchased around 10,000 BTC on Tuesday, joining other whale traders in accumulation. Over the past three days, US-based spot Bitcoin ETFs have seen a total cash inflow of over $650 million.

Bitcoin’s price has climbed above the crucial $59,000 support/resistance level ahead of tomorrow’s US CPI data. This economic data will provide clarity on whether the Federal Reserve will initiate the anticipated interest rate cuts later this year.

Key Levels to Watch

Popular crypto analyst Justin Bennett advises traders to monitor Bitcoin’s performance between $58,000 and $60,000 closely.

A solid close above $60,000 could trigger a rally towards $67,000, while a dip below could lead to a further market correction towards $48,000.

Read Also: Bitcoin’s Price Volatility Signals Potential Bull Run by Q3: Key Metrics Explained

Feeling bullish or bearish after this week’s action? Tell us!