Bitcoin (BTC) is up 8% today making another attempt to move past its crucial resistance of $40,000. At press time, Bitcoin (BTC) is trading at a price of $39,828 with a market cap of $747.
Bitcoin has picked up strong momentum amid rumors of Amazon integrating BTC payments. However, Amazon has confirmed that there are no such plans for now but this hasn’t stopped the Bitcoin bulls from raging in. As per popular crypto analyst Lark Davis, Bitcoin has just closed its daily candle above the 200-day EMA. This sets an underlying trend that Bitcoin is set for further price surge going ahead.
— Lark Davis (@TheCryptoLark) July 28, 2021
In a note on Tuesday, Pankaj Balani, chief executive officer of crypto derivatives exchange Delta Exchange wrote: “The current momentum is strong”. Balani expects this momentum to drive the Bitcoin price to $45,000 levels. However, he adds that a conclusive break above $50,000 “will take some doing”.
Strong BTC Wave and On-Chain Metrics
The recent Bitcoin price has brought a positive change to the on-chain metrics of the cryptocurrency. Yesterday’s transaction data shows that a massive $15.3 billion worth of Bitcoins was moved in a single block.
— Documenting Bitcoin 📄 (@DocumentingBTC) July 27, 2021
On the other hand, on-chain data provider Santiment also reported that the ‘millionaire tier’ whale addresses holding between 100-10000 Bitcoins have added a massive quantity recently. The data provider said:
Bitcoin whales holding between 100 and 10,000 $BTC continue accumulating since the May plummet that shook out many weak hands. These addresses have now accumulated 130,000 more $BTC in the past 5 weeks, and 40,000 more in just the past 10 days.
On the other hand, the Bitcoin address activity has picked up once again with the number of unique addresses interacting with the Bitcoin blockchain network hitting a three-month high. Bitcoin is certainly setting up the tone for a strong bounce-back of the overall crypto market. Hopefully, BTC can continue this momentum ahead.