Accumulation Triggers Rally
There are a lot of factors that usually trigger a rally, such as the one that has sent the price of bitcoin soaring high. One of those has been a renewed accumulation trend from investors who are flocking to the digital asset to provide cover during uncertain economic times. Such a rally, if it continues, can put the digital asset on a well-established bull trend.Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store?
BTC's hold on $24,000 remains shaky | Source:Whales have been a subset that has been trying to reverse the sell-offs. With the decline in bitcoin, it had presented an opportunity for investors to increase their holdings, and it was especially prominent among investors holding between 100-1,000 BTC on their balances.
Can bitcoin Reach $28,000?
Bitcoin’s recovery has put it on an impressive bullish path. However, this bullish trend has not been fully established. It has seen some obstacles along the way, and bears have begun to put up resistance in the market.
An example has been at the $24,000 level. Although bitcoin has been able to beat this level multiple times, it continues to fight a hard battle to hold onto it. The mounting resistance at this point has proven to be an important level for bears to hold.Related Reading | Elevated Bitcoin Open Interest Levels Puts Market In Vulnerable Position
Featured image from GoBanking Rates, chart from TradingView.com
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