The largest cryptocurrency in the world, Bitcoin (BTC), has recently undergone some selling pressure after facing rejection at the $30,000 mark. Currently, BTC is trading at $27,054 with a market cap of $524 billion. However, Bitcoin whale addresses have continuously accumulated at a steady pace over the past five weeks. According to on-chain data supplied by Santiment, Bitcoin whale addresses holding between 1K to 10K BTC have amassed around 85,000 Bitcoins throughout this time. In their last accumulation phase in January, prices soared by more than 34.4%.
On the other side of the coin, a significant amount of Bitcoins have been withdrawn from exchanges, potentially serving as a catalyst to push Bitcoin prices higher. Popular crypto analyst Ali Martinez observed that over 20,000 Bitcoins were removed from exchanges in the past 24 hours.
Investors are left wondering where Bitcoin (BTC) will go from here. If Bitcoin surpasses the 200 MA or EMA at $27,600, crypto analyst Michael van de Poppe believes that the BTC price could potentially rally to $38,000 to $42,000. Nevertheless, Bitcoin continues to face selling pressure lately. Poppe explains that BTC must hold a support zone between $26,800 and $27,000; if this support is lost, prices may potentially cascade below $26,000, where a bullish divergence could emerge. To break out of this current trend, Bitcoin needs to breach $27,500.
While Bitcoin remains in a consolidation phase, several altcoins are exhibiting strong movements. Litecoin ascended past $90 as the upcoming halving event and increased LTC20 address activity contribute to its current momentum. In addition, Ripple’s XRP is up by 7.5%, as Ripple records a minor victory, with Judge Torres denying the SEC’s motion to seal the Hinman Documents. This triumph for transparency means that unredacted Hinman emails will soon become publicly available.
Ultimately, the cryptocurrency market’s direction is subject to ongoing market conditions. It is crucial to conduct thorough market research before investing in cryptocurrencies, as the author or publication does not assume responsibility for any personal financial losses.
Source: Coingape
