- Bitcoin surpasses $29,000 and may exceed $30,000 based on scarcity of buy orders.
- $30,000 mark is more of a psychological milestone than a technical barrier.
- Bitcoin experiences surge in Large Holder Inflow, potential price floor after market corrections.
Bitcoin’s value has recently experienced a remarkable surge, surpassing the $29,000 threshold with impressive momentum. Market intelligence platform IntoTheBlock has analyzed the situation and predicts that BTC may continue to climb and exceed $30,000 in this current rally based on the scarcity of historical buy orders in this region.
According to a recent tweet by IntoTheBlock, Bitcoin was acquired by a few holders at the $30,000 price point. This suggests there may be less resistance for the cryptocurrency when it reaches that level. As a result, the $30,000 mark is more of a psychological milestone than a technical barrier for Bitcoin’s price.
According to the latest insights from IntoTheBlock, Bitcoin experienced a notable surge in Large Holder Inflow on Monday, June 19, 2023. This uptick in activity suggests a strong appetite for buying, as funds were transferred from centralized exchanges to secure cold storage. Furthermore, this trend may indicate a potential price floor following significant market corrections. These findings provide valuable insights for investors seeking to navigate the dynamic landscape of cryptocurrency markets.
On June 14, 2023, Bitcoin experienced a significant price drop, falling below the $25,000 mark for the first time in over three months. This decline was attributed to the fear, uncertainty, and doubt (FUD) generated by the Securities and Exchange Commission’s (SEC) lawsuit against several leading cryptocurrency exchanges. The event highlights the potential impact of regulatory actions on the volatile cryptocurrency market.
Bitcoin’s price has made a remarkable comeback after hitting a local low of $24,756. The cryptocurrency has surged over the past seven days, breaking through several resistance levels. Currently, Bitcoin is trading at $29,045, marking an impressive 17% gain in less than a week. This resurgence is a testament to the resilience of the digital asset and its ability to overcome market challenges.
The upswing in the Bitcoin market signals a resurgence of bullish sentiment and the reintroduction of noteworthy volatility. Nevertheless, a true bull run will only be validated once the flagship cryptocurrency surpasses the annual high of $31,035, signifying a breakthrough of a horizontal range that has persisted for over three months.
Several leading altcoins have mirrored Bitcoin’s trajectory, including Ethereum, the premier altcoin, which has surged above $1,800, indicating a 13% increase over the last seven days.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
