After a week of notable gains, Bitcoin (BTC) reached its highest value in the last 30 days, touching the $67,422 mark recently. This price, the highest recorded since April 13, signals a robust recovery for BTC. In this sense, analysts observed the current movement of the largest cryptocurrency, highlighting its potential price increase.
Analysts at cryptocurrency analysis platform Santiment revealed that small Bitcoin investors continue to liquidate their tokens even after the recent recovery in the crypto market last week. Historically, as the analysis highlighted, small traders dumping their coins into larger wallets is a bullish sign for Bitcoin.
“Bitcoin is dancing just above $66,100 as small traders continue to liquidate their holdings despite the crypto’s rally last week. Historically, small wallets dumping their coins into larger wallets is an encouraging and bullish sign for $BTC.”
🐟👋 #Bitcoin is dancing just above $66.1K as small traders continue to #liquidate their holdings despite the #crypto bounce over the past week. Historically, small wallets dumping their coins to larger wallets is an encouraging and #bullish sign for $BTC. https://t.co/wlz4XPhfMD pic.twitter.com/dTJAy5G6pL
— Santiment (@santimentfeed) May 19, 2024
Bitcoin’s current scenario comes amid the cryptocurrency’s testing of a crucial support level, noted by renowned cryptocurrency analyst Ali Martinez in his technical analysis shared on May 20. The expert highlighted the US$66,250 price zone as being important as BTC, managing to surpass it, could move towards a significant rise.
“With over $530,000 BTC trading at $66,250, this is a crucial support level! If it holds, Bitcoin will have strong potential for additional gains,” the analyst wrote while sharing a BTC chart from the Glassnode platform.
With over 530,000 $BTC transacted at $66,250, this is a crucial support level! If it holds, #Bitcoin has strong potential for further gains. pic.twitter.com/9e9Y939Hn3
— Ali (@ali_charts) May 20, 2024
This news could trigger a new bullish rally for Bitcoin
The price of Bitcoin witnessed a notable advance last week, with an increase of more than six thousand dollars, reflecting a resumption of investor interest and optimism. In a development in the industry, a recently released news drew attention for its potential to trigger a new upward rally in the price of Bitcoin.
According to a report published by Bloomberg on May 19, currently, some Bitcoin developers are exploring the possibility of adding programmability to the BTC blockchain. According to the estimate, this news would have the power to boost a rally, reigniting the price increase of the largest cryptocurrency on the market.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/bitcoin-btc-demonstra-sinal-de-alta-enquanto-testa-suporte-crucial/
