Investors Are Optimistic About Bitcoin; Shift Them into Self Custody- How Will These Trends Impact the Broder Markets?
The post Investors Are Optimistic About Bitcoin; Shift Them into Self Custody- How Will These Trends Impact the Broder Markets? appeared first on Coinpedia Fintech News
Bitcoin made a significant move beyond $38,400, intending to close the monthly trade on a bullish note. Additionally, the token has been printing bullish weeks seven consecutive times, which has happened just a couple of times in history. Once when the BTC price rebounded soon after the COVID crash and secondly before the start of the 2021 bull run. Moreover, now that investors have become optimistic about the upcoming Bitcoin rally, the bullish monthly close will trigger a fresh bullish wave soon.
In a recent update, it appears that investors have become more confident about the upcoming price rally. The BTC balance over the exchange has been constantly moving into self-custody as the reputation of the centralised exchanges continues to diminish. Moreover, the Santiment data also displays a huge rise in Tether tokens being held in the top 10 wallets, accounting for nearly $15.23 billion.
These wallets that have been increasing the USDT reserve are speculated to be the exchanges. Hence, the growing buying power that has reached its highest in the last 17 months may have a major impact on the broader crypto markets. Apart from this, the trading activity on the Bitcoin network appears to be ready to trend higher. This indicates the bulls are all set to intensify their activity on the platform, causing a drastic increase in the price soon.
The above chart also shows the 60-day MA has been trading above the 365-day MA levels for a few months now, which substantiates the bullish claim. The Bitcoin price has broken the multi-year descending trend with the recent upswing. If the token repeats the previous price action, then the BTC bull run could trigger a fine upswing that may further transform into a strong bull run to form new highs and may reach the milestone at $100K soon.
