August 13, 2022

Bitcoin (BTC): What Traders May Expect Following Slow & Steady Comeback

Bitcoin triggered some optimism among crypto traders recently. The leading crypto seems ready to present its highest weekly surge over the past nine weeks. That comes after BTC ended its worst quarterly performance in June. Key metrics also support Bitcoin’s improved stance after the crypto stabilized near $21,550.

Its Finally Happening

Bitcoin attracts the crypto community’s attention again. However, it presented lucrative news (this time), following a comeback early in July. While publishing this post, BTC changed hands beyond $21,550 (Coinmarketcap data). The crypto seems to hold around this mark regardless of the 1.2% slide within the previous day. Nevertheless, Bitcoin has gained 12.2% within the last week.

BTC sharks holding 10 $BTC to 100 $BTC contributed to the bull activity as they accumulated. The sharks have been scooping for more than five weeks (Santiment’s data). This phase saw BTC value dropping by 27%, with sharks adding 52K $BTC to their holdings. The latest moves had their holdings standing at 4.29 $BTC.

Also, the BTC fear & green index explores two months’ peaks following an upshot to 20. That confirms another bullish indication for Bitcoin. Another Santiment tweet confirmed a spectacular failure for traders’ trial to short $BTC. The tweet suggested that exchange funding rates fell suddenly within the past nine hours, and short liquidations dominated the case. The price bounced back to $21.8k before stabilizing to current price zones. That’s another crucial factor indicating the network’s strength.

Old Trends Going Short

It is uncommon for BTC to witness bullishness without whale activity, but the latest data shows that is the full-fledged trend. The recent 6th July upswing to $22,527 emerged from positive sentiments within the market without whales’ contribution. That also signals recoveries for the bellwether crypto. Moreover, Michael Saylor of MicroStrategy tweeted about Bitcoin’s performance since his company acquired 21,545 BTCs on 11th August 2020, worth $250 million then. Bitcoin has outperformed assets such as $MSTR, S&P, and Nasdaq.

Bitcoin needs a massive move past $22K to signal short-term uptrends. That can see it climbing towards the $25K mark. Nevertheless, bears seem to dominate the current market outlook. Bulls should ensure massive buying momentum to overcome the bearish tendencies.