Why Is Bitcoin Price Rising? Will the Ascension Continue?

Leading cryptocurrency Bitcoin 17.

The leading cryptocurrency Bitcoin continues to price above the $ 17,400 level, while Ethereum is also above the $ 1,300 level. This rise in Bitcoin and Ethereum also causes altcoin prices to rise.

Whales Accumulate BTC

Despite the hawkish comments from Fed Chairman Jerome Powell that interest rates will continue to rise until the central bank gets inflation under control, the leading cryptocurrency Bitcoin continues its gains. The fact that whales bought Bitcoin brought the price of the asset above $ 17 thousand. The continuation of Bitcoin purchases by large investors also signals that the market can continue in this beautiful picture in the coming days.

The accumulations of large bitcoin whales holding 1,000 to 10,000 BTC appear to have accelerated, according to data from on-chain data provider Santiment. In the past five days, these big investors have added more than 20,000 Bitcoins to their balances, making it a major saving trend. These Bitcoin whales currently hold a total of 4.56 million BTC. This figure equates to 23.7% of the total circulating BTC supply at the moment, suggesting that this accumulation may have taken into account the recovery trend recorded by Bitcoin over the past two days.

This accumulation by the whales indicates a long-term rally and also shows the willingness to buy at these levels. This could mean that big Bitcoin whales believe the price of the digital asset may have bottomed out.

Will the Ascension Continue?

Bitcoin is currently trading comfortably above the $17,000 level after the weekend rally broke above key technical levels. At current prices, the digital asset is tied around its 50-day moving average of $17,212, which puts it in a dangerous position. Such levels can mean that the price of the cryptocurrency can move in both directions. So, while whales accumulating BTC is the trigger for the uptrend, there needs to be more demand for Bitcoin price to continue to rise and successfully price above the 50-day moving average. If the leading cryptocurrency breaks below the $17,200 level, BTC support still awaits at $16,600, which could mean Bitcoin loses around $500 from its current value. However, if the momentum picks up, Bitcoin could test the $17,500 resistance before the weekend.

What Experts Say

When we look at the expert opinions, popular analyst Michael Van de Poppe emphasized that the Bitcoin price must stay above $ 17,350 in order to extend this rally. However, il Capo of Crypto, who has a serious following on Twitter, stated that this is not an uptrend, that Bitcoin and most of the market are testing the broken supports as resistance, and he has seen this scenario many times.

We have been saying and heard for a while that the Bitcoin price should close above the $ 17,200-17,300 level for a few days, closings above these levels can continue the rise, and closings below these levels may cause a pullback in the price.

Finally, in the crypto money market, which has risen under the leadership of Bitcoin, the asset that gained the most value in the last 24 hours was MINA with 6.49%, WOO Network with 5.77% and XRP with 3.23%.