Connect with us

Bitcoin

Bitcoin crosses the $ 42K milestone and immediately registers + 23% in 7 days!

Published

on

On Saturday morning, bitcoin’s price reached $ 42,400 after dropping to $ 38,600 a few hours earlier on Friday evening. BTC recovered on the night of 30-31 with a bullish movement that will manage to lift it to its highest point in over 60 days. This rally brings the performance of the first crypto to + 23% on a weekly basis.

Despite the $ 689 million depreciation of its crypto wallet, MicoStrategy has indicated its willingness to continue with the purchase of bitcoin. The company, which already holds nearly 105,000 bitcoins, plans to add 16,000 more bitcoins to their wallet. Betting on Bitcoin is for Michael Saylor the best way to counter capital depreciation and inflation.

MicroStrategy is actually the company with the most bitcoin in the world. It is ahead of Tesla and Galaxy Digital Holding, which respectively have only 48,000 bitcoins and 16,407 bitcoins in their wallets. The company headed by Michael Saylor had continued to buy BTC even during the downturn. She is one of the famous institutions who have ” buy the dip During the crypto market crisis.

Advertisement

The announcement to buy new BTCs fueled a surge in confidence in the market’s first crypto that had already taken to the stock market after the Amazon rumor. A few hours later, the price of bitcoin rose above $ 42,000, a level it had reached since May 21. BTC was finally able to break out of the $ 39K-$ 40K range as it did for the $ 33K-$ 35K range after the Amazon rumor spread. Hence the expression: MicroStrategy amazoned the price of bitcoin.

Massive buy levels of BTC priced at $ 30K- $ 40K

Source: Ecoinometrics

Whales and fish have taken advantage of the affordable price of bitcoin to grow their bitcoin wallets. According to the Ecoinometrics Newsletter specializing in quantitative crypto analysis: ” After a few weeks, the data shows that most address buckets are accumulating coins “. What’s interesting with the accumulation of these bitcoins: all types of addresses are affected.

Advertisement

The author of the article writes:

If everyone from small fish to whales is piling up, it should be good value as it makes the market tighter at the same time as it shows a bullish sentiment.

If only the small fish are piling up, you should be worried about the price as it could mean that the whales are about to shed their parts.

Can we be bullish for the short term future of Bitcoin?

Crossing the $ 42,000 mark was, for many experts, the technical element that would drive the new bitcoin bull run. However, we see that after crossing this milestone, bitcoin returns to $ 41,000 and struggles to climb back above $ 42,000.

Advertisement

However, this does not mean that the crossing of $ 42K is not decisive for the return of the bull run. We would have to wait for the markets to wake up on Monday to rule if the bullish movement can finally be started.

Nonetheless, the massive accumulation of bitcoin by whales is often a bullish indication for the future price of BTC.

News Source

Advertisement