Bittime - As interest in spot Bitcoin ETFs grows, new Bitcoin addresses show a significant decline. This indicates that more users are turning to spot Bitcoin ETFs for easier liquidity and higher security.
Bitcoin Price Ready to Set a New Record
Bitcoin (BTC) price continued to show a bullish trend on Friday morning London time. At the time of writing, Bitcoin was trading at around $66,410 (Rp984,925,000), hinting that bulls are ready to push the price to new record highs. Over the past three days, the Bitcoin price has steadily closed above the 50 daily Moving Average, after being stuck in crypto correction mode for the past two months.
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Bitcoin Whales Activity
According to on-chain data from market intelligence platform Santiment, there are currently 15,907 Bitcoin wallets holding at least 100 coins. Interestingly, Bitcoin whales hold as many as 11.79 million coins amid declining balances on centralized exchanges.
Based on Coinspeaker's report, the trading volume of US-based spot Bitcoin ETFs has surged lately with significant cash flow. In addition, Grayscale GBTC significantly reduced its daily Bitcoin sales. According to the first quarter earnings report, 937 financial institutions purchased Bitcoin through the newly approved spot BTC ETF.
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Bitcoin Price Will Rise
Bitcoin price is considered to go higher in the coming months. Less than a month since Bitcoin's fourth halving event and base value has retested the record highs of 2021, suggesting a possible supercycle.
"Bitcoin is still moving in a Bullish Flag pattern. To confirm the breakout, Bitcoin bulls need to cross the $68K resistance level. Once Breakout is confirmed, we can expect a new record high in June," Captain Faibik tweeted on May 17, 2024.
Crypto Analyst Comments
According to popular crypto analyst aka Captain Faibik, the Bitcoin price has formed a bullish pennant flag pattern. As a result, the crypto analyst believes the price of Bitcoin will reach $86K (Rp1,276,800,000) in the near future, which also coincides with the daily Fibonacci Extension of 2,618.
However, the crypto analyst highlighted that Bitcoin's price will need to consistently close above $68K in the coming weeks to validate this bullish trend.
Conclusion
Bitcoin has become the world's largest crypto asset by market capitalization. Bitcoin price movements also affect altcoins. Therefore, Bitcoin continues to be the main focus of investors and analysts.
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How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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