Bitcoin [BTC] It has managed to show some optimism among traders in recent days. King Crypto is on track to register its biggest weekly gain in the last nine weeks. The news follows BTC’s worst quarterly performance that ended in June. Key indicators are headed in the right direction for bitcoin after stabilizing near $21,550.
Alas, this is happening!
Bitcoin is again in the center of attention in the crypto community. But this time, it is only for the right reasons as the master cryptocurrency is making a comeback in early July. According to CoinMarketCap, BTC is currently trading slightly above $21,550. It is looking to maintain its fortress around this area, despite the relative drop of 1.2% in the past. Nonetheless, BTC has managed to rise by 12.2% over the past week.
A major reason for the bull activity is the accumulation of bitcoin shards (holding between 10 BTC – 100 BTC). As seen by sentiment, the sharks have reshaped their accumulations in the five-week trend. During this period, BTC fell in value by 27%, during which Shark added 52k BTC to its ranks. His holding is now 4.29 BTC as against the latest trends.
bitcoin fear and greed index Even after shooting till 20 is running at a high of two months. This is another bullish indicator for bitcoin.
In another tweet from Santiment, it was found that traders’ attempts to short BTC failed spectacularly. “Average exchange funding rates suddenly fell off a cliff nine hours ago, and low liquidations were plentiful,” the tweet reads. The price reached $21,800 but later stabilized at current levels. This is another important factor indicating the strength of the network.
Old trends fade away!
It is not common for Bitcoin to rise rapidly without whale activity, but it has become an absolute trend according to the latest data. The recent jump to $22,527 on 6th July was due to positive sentiment in the market without the blessing of whales. It also acts as a strong signal for bitcoin’s recovery. Furthermore, Microstrategy CEO Michael Sayer commented on the recent surge in King Coin in a recent tweet.
BTC’s performance is +83% since that time, $mstr is +79%, S&P is +16%, Nasdaq is +6%, gold is -14%, bonds is at -16%, and silver is -33%.
— Michael Saylor⚡️ (@saylor) 8 July 2022