Bitcoin managed to return over $ 9,600.
Although the currency has shown low volatility, accounting for approximately 2% gains in the last 24 hours, the acquisition of $ 9,600 is an important development, especially for the bullish outlook in the short term.
If this support lasts, we will see exciting price action in the coming weeks. At the moment, the bulls are looking to break $ 9,700, and in the $ 9,700 – $ 10,000 zone there is a lot of pressure from sellers. If there is a decisive break of $ 9,800, this will confirm the upward trend in the market.
Data from a number of sources indicate that holders accumulate more Bitcoin than ever. Data from Glassnode show that investors have accumulated for most of 2020.
The accumulation gained momentum after Bitcoin’s third halving, with a 2% increase in BTC kits since then. The increase in whale participation is obvious, as price movements occur at low volumes.
The accumulation did not occur at a significant price movement. Bitcoin has been in the narrow range for some time, and historically, such long periods of consolidation occur before a sharp and strong price movement.
Trump also confirmed that a second wave of economic incentives is coming in the form of checks. The US president added that they would be ‘very generous’. In the first wave of checks, Coinbase reported a strong influx of deposits equivalent in value to checks.