Key Points
- Bitcoin’s price has surged over 10% in the last week, with long-term holders showing increased confidence.
- Despite bullish signs, some market indicators suggest a potential price correction.
Bitcoin’s [BTC] price has maintained a bullish trend, trading above the $65k mark. This bullish trend has also seen a surge in confidence among long-term investors.
Bitcoin’s Bullish Trend
According to data from CoinMarketCap, the price of Bitcoin has risen by more than 10% in the past week. In the last 24 hours alone, the value of the cryptocurrency has surged by over 3%.
At the time of writing, BTC was trading at $65,362.47 with a market capitalization of over $1.289 trillion.
Long-term Bitcoin holders showed confidence last week, adding to their holdings, as per a tweet by IntoTheBlock. This increase in confidence in BTC occurred even as several major players engaged in sell-offs.
One such example is the German government, which sold all of its BTC holdings.
Significant Bitcoin Movements
In another development, Mt. Gox moved 44,527 BTC, worth over $2.84 billion, to an internal wallet. The reason behind this movement could be for repayment. At present, Mt. Gox holds 138,985 BTC, valued at $8.87 billion.
Despite the bullish signs, an analysis of CryptoQuant’s data revealed that BTC’s exchange reserve was dropping, indicating high buying pressure on the token.
Furthermore, BTC’s fear and greed index had a reading of 75%, indicating that the market was in a “greed” phase. This level often suggests a high chance of a price correction.
An assessment of Bitcoin’s daily chart showed that its price had touched the upper limit of the Bollinger Bands, and its Chaikin Money Flow (CMF) registered a downtick. Both these indicators hint at a potential price correction. However, the MACD remained in buyers’ favor, displaying a bullish advantage.
