According to many analytical data, the bitcoin exchange rate became bullish after overcoming key resistance levels. Digital gold continues to grow and move to new record highs.
Yesterday, bitcoin was trading at $55,000, digital gold managed to break the downward trend line, which linked the September highs, about $52,000, as well as the record April highs - about $65,000.
Bulls managed to overcome an important resistance level of $52,900, which can have a positive effect on the bullish rally, now you can observe bullish territory on the crypto arena.
This trend is directly related to colossal spot purchases, as well as the fact that the SEC gives the green light to cryptocurrencies and will not ban them and strictly regulate them, unless, of course, they themselves will not get into trouble.
Such an upward breakthrough of bitcoin gives hope that it will update its record highs this month.
The prerequisites for growth are due not only to the accumulation of bitcoin by whales, but also to an increase in the volume of trading volumes.
Whales are the most significant figures in the crypto market, these are investors who own a huge amount of bitcoin.
The most iconic figures are humpback whales, which determine the weather in the market.
Since the end of September, the total volume of spot trading on the leading crypto exchanges has doubled and reached almost $45 billion per day.
According to the analytical company Sentiment, bitcoin whales have determined in advance what the trend will be now.
Since September, whales who own from 100 to 10,000 bitcoins have accumulated another 70,000, which is a record phenomenon since July 2019.
The growth of bitcoin for the week was about 13 percent, and in the April highs the increase was 15%. Bitcoin is moving in the right direction.
The material has been provided by InstaForex Company - www.instaforex.com