• Bitcoin rose to $28,150, its highest level in three weeks.
  • The upside came as sentiment turned positive on ETF news as the whales continued to accumulate.
  • Analysts say BTC may test year-to-date highs, but bulls need to hold onto key support areas.

Bitcoin (BTC) price broke above $28,000 for the first time in three weeks, with BTC trading as high as $28,150 on Tuesday afternoon. The rally continues the cryptocurrency’s resurgence after recently dipping below $25,000.

Today’s bull run saw BTC/USD gain more than 5% in 24 hours, resulting in the market’s biggest short squeeze so far for June. Bitcoin’s dominance index also crossed 50%, reaching its highest level in more than two years.

Accumulation of Whales Reverses Sentiment and Bitcoin Rise

As the price reaches key resistance levels, crypto analytics platform Santiment noted that trading volumes and token circulation have increased.

Bitcoin has risen significantly in the last four hours, rising from $26,700 to $28,000 (+4.9%) in this short period of time. The three-week high in BTC dollar price has been driven by increased trading volume and token circulation, both factors often suggesting continued growth.,” the market intelligence platform tweeted.

Bitcoin price rose as the dominant reached 50%. sauce: santimento

Previously, the company share Data suggests that whales are taking advantage of the recent downturn to increase their stocks. Shrimp-fishing populations have been busy increasing their total holdings last month, while whales, which hold between 1,000 and 10,000 BTC, have added 131,600 BTC, worth more than $3.5 billion, since early April.

Bitcoin Price Outlook – Stock Predictions by Analysts

Bitcoin’s recent rally also comes after headline news about a spot Bitcoin ETF filing by BlackRock and reports of a similar move by Fidelity Investments. The bulls can now target the $30,000 levels, but the intraday high zone could pose a significant hurdle.

Bitcoin was trading near $27,950 as of 4 p.m. ET on Tuesday, but bulls said the gains they had made earlier in the day should give experts more upside momentum. It has become the world’s largest coin in terms of market capitalization at a level that points out that it needs to break.

Bitcoin $BTC Bears Increase Burden of Proofveteran trader Peter Brandt I got it on Twitter. “The underlying H&S retest is well supported and the possible wedge drop is complete on the daily line chart.

Here is the chart shared by the veteran trader.

Meanwhile, cryptocurrency analyst Ali stressed that the bulls are at “steady support” due to Bitcoin’s surge.

As long as #BTC stays above the $26,160-$26,970 range, it has a good chance of hitting the annual high,” he predicted. Analyst notes that about 2.26 million addresses have bought more than 1.14 million BTC in the above range.

By Jules

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