• Bitcoin [BTC] bulls have a chance to break past $30.8k and open the bullish floodgates.
• Recent reports highlight accumulation among Bitcoin sharks, whales and miners.
• Demand and prices for BTC are rising, with most exchanges registering a decline in supply.
Bitcoin Bulls Attempt Breakout Past $30.8K
Bitcoin [BTC] has been trading around the $30.8k level for several days now, with bulls attempting to push past it and open up the possibility of further gains. A retracement back towards $28k could offer a buying opportunity for those looking to take advantage of any dips in the market.
Accumulation Among Bitcoin Sharks & Whales
A recent report highlighted that there is an increasing amount of accumulation among Bitcoin sharks, whales, and miners alike – highlighting that despite some market sentiment against it in recent weeks, demand and prices have still been on the rise. The RSI indicator is currently above 70 which indicates overbought conditions, while the CMF indicator shows significant capital flow into BTC markets as well.
Declining Supply On Exchanges
The metric for supply on exchanges has been steadily declining since early May – indicating a spike in demand as people withdraw their coins from these platforms. This could be due to increased regulatory pressure from authorities such as the SEC against popular exchanges like Coinbase and Binance – leading people to withdraw their assets out of fear of potential repercussions or restrictions on trading activities in future if they remain on these platforms..
Potential Resistance Ahead For Bulls
Should bulls manage to break through the current resistance at around $30.8k-$31$5k they will face further resistance at around $32$8k-$34$5k before reaching 100% Fibonacci extension levels at around $34$2K . These levels will prove difficult for buyers but if they can manage to break through here then we could see prices surge upwards rapidly afterwards with little opposition from sellers until hitting more resistance again at around 34K area .
In conclusion , Bitcoin bulls appear poised to break through current resistance but will face tougher challenges ahead should they be successful . Despite this , demand appears strong as evidenced by declining supply on exchanges so if buyers can muster enough strength then we should not rule out higher highs over the coming weeks/months .