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The Bitcoin exchange rate has significantly strengthened after a series of corrections last week. The latest price movement pushed the main cryptocurrency above the critical resistance zone, instilling optimism among investors ahead of the upcoming halving. Analysts at CryptoQuant emphasize that the rise in the price of Bitcoin above the $72,000 mark is explained by several key factors.
Why is Bitcoin strengthening? After several weeks of mostly downward movement, Bitcoin rose above $72,000 for the first time since March. When the BTC price reached $65,500 last week, the correction was in its final stages. Support also increased as holders of short-term positions stopped experiencing losses. Moreover, the issuance of new USDT was accompanied by a noticeable correlation between the market capitalization of the main stablecoin and the price of Bitcoin, reinforcing the bullish trend. A significant increase in BTC holdings, reaching a record level in reserves, indicates growing interest from long-term investors. Finally, there is a change in the behavior of long-term investors: their distribution has weakened, indicating greater confidence in Bitcoin’s long-term prospects.
These factors together herald a positive forecast for the price of Bitcoin. Cryptocurrency experts are confident in the sustainability of the current growth. Assuming that the support level at $70,800 is maintained, BTC could reach a new all-time high of $85,000.