Crypto bulls, you’ve got to take note of this! The cryptocurrency market, led by Bitcoin (BTC), saw a nearly 5% increase in the past 24 hours, reaching around $2.4 trillion early Monday during the Asian session. Bitcoin closed last week on a bullish note after being mired in bearish sentiment for the previous four weeks.
The flagship cryptocurrency is trading at about $62,600 at the time of this report. Ethereum (ETH) also led the altcoin market with a bullish trend.
After a month of bearish blues, is this finally the bullish breakout we’ve been waiting for? Dive deeper to find out what’s fueling the rally and where Bitcoin (and the rest of the crypto market) might be headed next!
Bitcoin price received a much-needed bullish boost from whale traders in the past week. With the German government wrapping up its Bitcoin sales over the weekend, on-chain data revealed that whale traders were accumulating more coins.
On-chain data specifically showed that Bitcoin whales added 71,000 coins last week, despite short-term traders capitulating. Additionally, US-based spot Bitcoin ETFs saw over $1 billion in cash inflows last week, primarily from BlackRock’s IBIT and Fidelity’s FBTC.
As Bitcoin’s price surpassed $62,000 earlier today, the fear and greed index also rebounded to above 50 percent (neutral) from around 25 percent (extreme fear) last week.
With the crypto market already in a macro bullish trend, the recent capitulation was viewed as a buying opportunity, preparing for a parabolic rally.
Bitcoin’s price surge has renewed its correlation with the bullish stock market. Last week’s economic data from the United States hinted at a possible interest rate cut later this year if inflation continues to ease.
Meanwhile, the upcoming final approval of spot Ether ETFs in the United States will be a major win for the bullish sentiment.
Bitcoin’s rebound above the crucial support/resistance level of $61,000 suggests it is poised for further gains, akin to digital gold. From a technical standpoint, Bitcoin aims for $70,000 if it consistently closes above the daily descending broadening wedge in the coming weeks.
However, if a capitulation occurs, Bitcoin’s price could dip to $52,000 for consolidation before embarking on an euphoric rally.
Read Also: Bitcoin Bulls Ride The Trump-Wave; Price Eyes $70,000 levels
Is the crypto market headed for another parabolic rally? Let us know your predictions!
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