Bitcoin climbs above $62,000 again, signaling that it wants to start the week off well. We observe that there are good rises in altcoins that are encouraged by Bitcoin. Investors, tired of the long weekend declines, had a relatively green market this week.
As Bitcoin prepares for the new week, investors focused on tonight’s closing. Staying above the previous close on the weekly chart will increase risk appetite in Bitcoin and altcoins. This level corresponds to $61550. A close above this level will technically signal that next week will be a green week.
Besides, we observe that Bitcoin has managed to rise above the daily ma20 ($61800) again. If these levels are maintained until the close, altcoins can be considered for new entry.
We state that we have maintained our expectation for the rise in Bitcoin and altcoins for about 2 months. Regardless of short-term fluctuations, there is no change in our thinking for now.
Based on the latest Glassnode data he shared with analyst Will Clemente, he pointed out that the rise in Bitcoin will continue.
Looking at the chart, we see that BTCs continue to emerge from the exchanges. If we approach a peak, we will see these BTCs flowing into exchanges, so the accumulation process continues. We assess that major players will have to raise the price to sell all the BTC they have collected.
Will Clemente shared the graphic with the following statements:
“According to Glassnode, 200,000 BTC have exited exchanges in the last 4 months. At the current price, this is equivalent to about $12.5 billion. This shows a greater shift in the dynamics of the Bitcoin market after March 2020.”
*Not Investment Advice.