- Bitcoin’s price embarked on a fresh rally, surging past $29,000.
- A few holders acquired Bitcoin around $30,000, indicating potentially weak resistance.
- A recent spike signal on IntoTheBlock indicates robust Bitcoin buying activity.
Bitcoin’s price embarked on a fresh rally, surging past the $29,000 mark with significant momentum. According to the market intelligence platform IntoTheBlock, BTC could climb over $30,000 in the current rally, considering the few historical buy orders around the region.
In a recent tweet, IntoTheBlock revealed that relatively few holders acquired Bitcoin around the $30,000 price mark. That implies there would be less potential resistance to the pioneer cryptocurrency when the price gets to that region. That means the $30,000 price mark is more of a psychological level than a technical resistance to Bitcoin’s price.
IntoTheBlock’s findings reveal a spike in the Large Holder Inflow for Bitcoin on Monday, June 19, 2023. The recent spike signals robust buying activity, with purchases via centralized exchanges then moved to cold storage. It also indicates potential price bottoms after significant corrections.
On Wednesday, June 14, 2023, Bitcoin’s price dropped below $25,000 for the first time in over three months. The price drop happened amid a FUD created by the lawsuit filed by the Securities and Exchange Commission (SEC) against some of the top crypto exchanges.
After reaching a local low of $24,756, Bitcoin’s price reversed. The price has rallied in the past seven days, overcoming multiple resistance levels. At the time of writing, Bitcoin traded at $29,045, making a 17% gain in less than one week.
The current surge indicates the return of bullish sentiment and the reinjection of significant volatility in the Bitcoin market. However, a bull run will be confirmed when the flagship crypto breaks above the yearly high at $31,035. It would mark a breakout of a horizontal range lasting more than three months.
Many top altcoins followed Bitcoin’s trend, with Ethereum, the flagship altcoin, climbing above $1,800 in a move that reflects a 13% gain in the past seven days.
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