Traders in the Bitcoin market managed to raise the price by nearly $10,000 this week.
Recent Bitcoin market developments show an increasing effort to push the price as high as possible to achieve a new ATH in 2021.
At first glance, bulls appear to be on the right track to achieve this goal. Technical analysis and indicators, on the other hand, continue to warn us to be patient.
The first important discovery is the continued operation of the reverse zone, which starts at $58,200. This confirms BTC’s downward rebound today, shortly after entering the zone.
The second finding is that the volume of purchases required for growth is insufficient. It is currently too small for the growing trend to continue.
On the other hand, Bitcoin has been steadily increasing since October 6, evoking increasing confidence and a bullish mood. It is only a matter of time before the market’s stronger players jump on board, placing large purchase orders.
Looking back at recent events, one of the most significant reports was the US Securities and Exchange Commission’s approval of the first ETF focused on investments in crypto companies.
It is also worth noting that the median Bitcoin transaction size has increased rapidly since September, reaching 1.3 BTC. This indicates that an increasing number of institutional investors with large sums of money are trading on the market.