- summary:
- Bitcoin price has increased to its highest levels in nearly three weeks, and the whale activity adds credibility to the potential breach of a brand of $ 90,000.
The price of Bitcoin started the new week on an optimistic momentum on its way to record its third daily profit in a row. The currency reached 87,786 dollars at the time of writing this report, but it faces resistance at the mark of 88 thousand dollars, as it sees it as the appearance of two long jets near this level. Bitcoin has gained 4.8 % last week, confirming the accumulation of bullish momentum.
The encryption market was an extended decline last month, as it became side effects caused by a trade tariff war between the United States and its prominent trading partners. In addition, the Federal Reserve’s decision to maintain interest rates unchanged has not done much to reduce FUD morale in the financial markets.
However, the decrease in the BTC price also led to the institutional appetite for the coin. According to Coinglass data, the Bitcoin Spot investment funds have recorded positive positive flows for the last six consecutive sessions. The last time was seen in late January, at the height of the market race.
Meanwhile, Blackrock’s inaugural (ETP) opening products appeared on Tuesday in XETRA, Euronext Amsterdam and Euronext Paris. This confirms strong emerging feelings on BTC between whales and institutional investors.
The Monday session recorded $ 84.2 million in the ETF Spot Bitcoin market, where four of ETFS traded in net positive flows. FBTC of Fidelity was the largest winner with $ 82.90 million flows, followed by Ibit Blackrock with $ 18.10 million. The continuation of the direction this week can help the Bitcoin price in keeping its trend as it tries to re -test 90 thousand dollars.
Elsewhere, InTothheblock reports that there are net flows of $ 426 million from Bitcoin from stock exchanges in the past seven days. These signals reduce the pressure pressure, adding credibility to the bullish direction.
Bitcoin prediction
The momentum on bitcoin witnessed its pivotal transition to $ 87,250. The bullish direction is likely to continue if the procedure remains above this level. With buyers control, the currency is likely to rise to the first resistance at $ 88,580. However, the strongest bullish batch will break above this barrier and test 89,390 dollars.
On the negative side, sellers can control less than $ 87,250. In this case, the BTC price is likely to find its first support at 86,310 dollars. The collapse under this level will nullify the bullish direction. Also, the resulting momentum can send a lower price to test 84,960 dollars.
