Bitcoin Ready To Break Trough $24K, Vital Signs Provide Clues

Ronaldo Marquez

Last Updated: June 11, 2024 9:44 am

3 mins read

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Bitcoin (BTC) has slowed recently, with price action relying on previously recovered support areas to continue its uptrend and outstanding performance since the beginning of the year. Lately, there have been more expectations of BTC breaking into new levels and reaching yearly highs.

Despite the slowdown in Bitcoin’s price action, some indicators suggest that it may be on the verge of a significant upside along with the market sentiment. This upside trend may result in a new bull run as investors return to the cryptocurrency market en masse.

Bitcoin Fuels Up For The Long Ride

The chart below shows investors are again betting and optimistic about the crypto market, despite a persistent downside trend. The latter is in the rearview mirror for investors and financial institutions.

According to a report from ByteTree, Exchange Traded Funds (ETFs) have seen a sharp increase in their holdings. Not just one, but three different ETFs have added over 1,465 Bitcoins this month.

This indicates that the crypto industry’s market sentiment has changed since the beginning of 2023, despite crises like the bankruptcy of FTX, Three Arrows Capital, and the recent feud between Gemini and Genesis.

Together, retail and wealthy investors are fueling BTC’s rally. The chart below shows that the number of addresses holding Bitcoin has grown significantly over the past month. The number of addresses holding 0.1+ coins, often associated with retail investors, hit an all-time high (ATH) of 4,217,261, according to Glassnode data.

The previous all-time high for addresses was reported on January 11, 2023, by Glassnode, with an amount of 4,217,135 addresses holding the flagged currency.

Bitcoin BTC BTCUSDT — Source: Altcoin Sherpa via Twitter

In the chart above, shared via a tweet from “Altcoin Sherpa,” there are see similarities in the current market price action and the daily chart of Bitcoin, after the fall from its all-time high of $69,000, months of accumulation and sideways price action and the start of momentum before a full take off to reclaim the previous high with expectations to break to new levels and explore new territories.

Is This Enough For A BTC Price Rally?

Currently, Bitcoin is trading at $23,150, up slightly in the last 24 hours after a small pullback to regain strength and aim for the next target of $23,800. Bitcoin is barely up in profits in the last seven days, with 0.8% up in the sheets.

According to a recent report by NewsBTC, Bitcoin could see further downside correction if the currency fails to clear the $23,250 resistance level, which can result in a failed attempt to further lean on the support line near the $22,650 zone.

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.