The price of Bitcoin Whales Buy Despite (BTC) ended last week at over $68,500, an increase of 3.3% over the previous seven days. Ethereum (ETH) and meme coins like Pepe (PEPE), Floki Inu (FLOKI), and CorgiAI (CORGIAI) eclipsed the flagship coin. Buyers have failed to push Bitcoin beyond the substantial resistance level of approximately $72,000 despite a respectable price rise in the last two weeks.
Also, the widely-recognized bullish flexing zone at 70 on the weekly Relative Strength Index (RSI) has proven difficult to break through. The technical analysis suggests that Bitcoin price may enter a horizontal consolidation pattern in the next months, followed by an inevitable surge to a new all-time high.
Bitcoin Whales Unwavering
Following a brief period of profit-taking, the spot Bitcoin exchange-traded funds (ETFs) headquartered in the US have recorded more than a week of cash inflows, as reported last week by Coinspeaker. Shortly, institutional investors are preparing for another bull run in Bitcoin. Bitcoin Whales Buy Despite aggressively amassing coins over the previous year, according to CryptoQuant’s on-chain data analysis,
It should be noted that the average 30-day moving average (DMA) on the financing rate for Bitcoin has been positive; at the moment, it is hovering around 0.006, with a peak of approximately 0.03 this year. More long-term investors are showing interest in digital gold as the supply of Bitcoin on centralized exchanges reaches a multi-year low.
Digital assets have also benefited from the high fiat inflation and continuing geopolitical crises worldwide. One intriguing aspect of the forthcoming US elections in November is that it has been dubbed the first crypto-oriented election ever.
Republican presidential candidate Donald Trump made several promises over. The weekend, including his support for cryptocurrency and his intention to release Ross Ulbricht. The man behind Silk Road if elected. Over half a million American voters supported Trump in the presidential election because he had pledged. To prevent the Federal Reserve from creating a Central Bank Digital Currency (CBDC).
What Next
As the altcoin business experiences more bullish momentum. The price of Bitcoin Whales Buy Despite is anticipated to maintain its consolidation. Until it consistently closes outside the channel. The technical analysis indicates that Bitcoin’s price will remain rangebound between $ 72K and $61K. The well-known crypto expert MikyBull Crypto has predicted that Bitcoin’s price might hit $78K during a bullish breakthrough.
Altcoins are gaining traction, while Bitcoin’s market share has fallen 4% in the last ten days. The Ethereum/Bitcoin exchange rate has also recovered and increased by almost 27%. The next alt season has new life with the green light for spot Ether ETF.
