The recent changes in the Bitcoin (BTC) market have raised the interest of analysts and investors alike. A spike in the transfer volume of the top cryptocurrency has subject to a 153% rise in the last two days, while the taker buy-sell ratio has shifted significantly in favor of buying, signifying an increasing demand for Bitcoin derivatives. This, in turn, is perceived as a bullish sign for the market, lending to the anticipation of a breakout above $30,000 by the end of the week.

The fact that more wallets continue to actively participate in Bitcoin-related activities, evidenced by the increase of 63% in just a few days, shows that investors are regaining confidence in the largest cryptocurrency amidst the global financial crisis. This is further supported by BTC’s re-accumulation pattern lasting for over 20 days, with each drop quickly being bought with rising force and volume. This suggests that the market has gone through its final consolidation phase, and a breakout may soon be upon us.

Currently, Bitcoin persists to consolidate at the $28,100 mark, safely above its nearest support lines. This alludes to a healthy pullback, which may be needed to continue the rally. Altogether, this indicates that a new bull market is in place, and Bitcoin is expected to break reaching new highs in the months to come.



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