Bitcoin price continues its bullish rally, which it started in early October. Today, the price of Bitcoin has exceeded the $57000 mark for the first time in five months and even managed to gain a foothold there. At the time of publication, Bitcoin is trading above 57000.
Thanks to the stable growth of Bitcoin price, we can say that the price has returned to an uptrend, both in the short and long term.
If the BTC/USD pair manages to hold above 57000, it will target the level of 58000. A breakout of this level will allow the price to rise to the area of 60000.
The 100-hour moving average supports the BTC/USD pair in the area of 55000. Also, the uptrend line provides support of around 54800. We can say that the level of 55000 is now a key support level for the BTC/USD pair.
Analysts attribute the rise in the price of Bitcoin to two events: an increase in whale activity and an increasing outflow of BTC from crypto exchanges. According to CryptoQuant, on exchanges, the volume of digital currency is at its lowest since October last year.
The whales continue to demonstrate a cumulative strategy. Since the end of last month, they have purchased about 85700 Bitcoins.
According to the Santiment team, more than 21% of the total cryptocurrency market supply is now under the control of wallets holding from 100 to 1000 BTC coins.