Bitcoin has rallied once more above $24,000. This impressive rally follows an intense week where the FOMC’s announcement has basically shown that the United States is now in a recession. Investors had flocked to the bitcoin off the back of the news, causing the digital asset to surge immensely during this time. As the digital asset has beat one important technical level, it remains to see if it can beat another.
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 Source: BTCUSD on TradingView.com
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
Bitcoin is facing a critical juncture as it has entered a ‘danger zone,’ according to…
Bitcoin price extended losses and settled below $60,000. BTC is now consolidating losses near $58,000…
Co-founder and Chief Executive Officer (CEO) of Real Vision, Raoul Pal has shed light on…
Bitcoin has recently concluded April, marking its most significant monthly decline. Despite the bearish momentum,…
MicroStrategy revealed its latest innovation today, a decentralized identity (ID) platform built on the Bitcoin network,…
Korok Ray, Bitcoin researcher and Associate Professor at the Mays Business School at Texas A&M…