After Bitcoin (BTC) hit an all-time high (ATH) of $ 64,800 in mid-April, Bitcoin (BTC) saw a sharp correction a month later, hitting lows of $ 30,000 amid an intensified crackdown on crypto mining by the Chinese Authorities.
Even so, the leading cryptocurrency was able to pick up the pieces as it is 11% off the ATH price. According to CoinMarketCap, BTC is up 1.72% in the past 24 hours to hit $ 57,549 during intraday trading.
Market analyst Will Clemente believes Bitcoin is in the final zone of resistance as it has its eye on record highs. He noticed:
“BTC is in the last resistance zone. We pretty much see it in two ways: 1. We just quickly switch to ATHs 2. Market capitalization / OI and financing are increasing aggressively, perpetrators are getting too optimistic, we get a cleanup before we switch to ATHs. “
The counseling and education platform Eight reiterated these views and stated:
“BTC is currently facing the $ 57,200- $ 59,300 resistance area, which could be the final major hurdle before pushing towards a new ATH.”
Bitcoin companies are increasing their stocks
According to Clemens:
“We are finally seeing companies with 100-1K BTC increasing their stocks again. These companies offset the 948 BTC decline in whale stocks last month. In the last 30 days: – Whale stocks (> 1K) around 60,597 BTC – Companies with 100-1K around 61,545. “
Hence, these companies bought and this explains why BTC price is on an upward trend.
Bitcoin investor profitability, on the flip side, recently rose from September lows to 94.3%.
Meanwhile, the BTC futures market is in healthy contango, suggesting that the price could rise even further.
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