Bitcoin has started to gain more popularity among digital currency investors in the current weeks. Big players like Bitfinex are not bothering to hide their massive Bitcoin purchases. However, the mega Bitcoin acquisition fever has also started to emanate from the trading practices of many other cryptocurrency investors.
Last week, Bitcoin prices made a dive to a $42K price point and the bulls were unable to gain control of the market. Popular on-chain data analytics TradingView postulates that Bitcoin and the USD pair are breaking their support streak in the upcoming weeks’ market projections. The projection stimulations from CoinTelegraph Market Pro also stipulate the same predictions.
Bitcoin prices have tested the strength of the $43K price point several times during the last few weeks. The prices of the top coin managed to remain stable despite several attacks from the market bears. However, the BTC/USD pair eventually dropped to $42,131 on Bitstamp last week for the first time in the last 2 weeks.
Nevertheless, bull investors kept pushing to gain control of the market once again. In the struggle between bulls and bears, a total of $200 million in cross-crypto market liquidations were recorded within 24 hours span on Saturday. The aforementioned metrics are verified by cryptocurrency on-chain aggregator Coinglass.
At present, the results of the crypto-related EO have not bared any fruits. Therefore, the seasoned investors are fairly cynical about the market projection for the near and long term. A pseudonymous cryptocurrency trader on Twitter named Crypto Ed projected that the top coin must print 45k-46k range once again.
Bitcoin Whales have Become Active Once Again
Yellen Allemann and Jan Happel are two co-founders of Glassnode cryptocurrency metrics compilers. The co-founders agree on the potential of a price volatility curve emerging towards the weekend close. However, the Bitcoin ledger indicates that Bitfinex whale wallets with massive Bitcoin reserves have become active and spending millions to increase their Bitcoin reserves regularly.