Thursday, July 25, 2024

BTC price reaches 10-day highs as demand from Bitcoin whales “hugely spikes”.

Whales continue to purchase dips on full swing, as per new data. However, when it comes to the short term output, the analysts are highly doubtful.

The volatility on June 26 was not enough to hold BTC (Bitcoin) down. The cryptocurrency managed to make the most out of the situation. As a result, the BTC to USD price level reached a 10 day peak. In fact, Bitcoin (the largest digital asset in the world) is trading at the $21,868 mark on Bitstamp.

A reversal set the BTC price just under $21,500 a few hours before the weekly close. Now BTC is prepared to enjoy its first green wave since the month of May.

Volatile Conditions Ahead

Warnings of high volatility over the weekend low-liquidity trading were in the air. Before the uptick occurred, On-chain fixed the data error showing what Bitcoin’s biggest volume investor had purchased.

According to Game of Trades, an analytics resource, Bitcoin is showing signs of unusual whale activity. All entities with a 1k to 10k balance in BTC experienced a huge surge in demand. Game of Trends advises to wait and watch whether the trend confirms.

Gap could get larger in CME Futures

Many investors still hold a conservative opinion on price action. If the coins want to maintain further upsides, the $21,600 price level must be cracked. Last week, BTC CME Futures closed at $21,100. This has the potential of acting as a potential target for the short term.

However, there is no visible breakout line above the $21.6k price level, as of now.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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