2 weeks ago
The Bitcoin terms made a beardown comeback connected Friday aft witnessing a important magnitude of bearish unit passim the past week. On Wednesday, May 1, the premier cryptocurrency fell beneath the $60,000 mark for the archetypal clip successful astir 2 months.
On Friday, May 3, the terms of BTC recovered supra the $60,000 level, going arsenic precocious arsenic $63,000 successful the past day. However, the question is – tin the Bitcoin terms bask a sustained rally pursuing this latest resurgence?
How Long Will The BTC Price Rally Last?
In a caller post connected the X platform, Santiment pointed to a displacement successful investors’ presumption and sentiment connected the Bitcoin terms pursuing the caller surge supra $62,000. According to the on-chain analytics site, traders connected the Binance level are “going from liquidated shorts to longs” aft the latest terms increase.
While this displacement successful sentiment mightiness awesome renewed optimism successful the premier cryptocurrency, Santiment sounded a informing doorbell for enthusiasts watching the Bitcoin terms and looking to get into the market. The blockchain steadfast said successful its post:
For the rally to continue, we don’t privation to spot FOMO rising excessively overmuch higher than what it appears to beryllium now.
FOMO, oregon “fear of missing out,” is simply a improvement wherever investors hastily acquisition in-demand assets retired of fearfulness of missing retired connected imaginable gains. While it tin thrust the plus to a higher terms successful the abbreviated term, excessive FOMO often results successful unsustainable bullish trends and consequent downturns.
What’s more, crypto prices thin to determination successful the other absorption of the crowd’s expectations. Hence, if the bulk of traders are betting connected the Bitcoin terms to rise, determination is simply a large likelihood that the cryptocurrency’s worth volition acquisition a drop.
Behind The Bitcoin Price Surge
As of this writing, the Bitcoin terms stands astatine astir $62,871, reflecting a important 6% summation successful the past 24 hours. Although the catalyst for this latest Bitcoin rally remains unclear, on-chain information shows that caller whale enactment mightiness person triggered the bullish momentum.
In a caller post connected X, CryptoQuant CEO and laminitis Ki Young Ju revealed that Bitcoin whales acquired 47,000 BTC successful a azygous day. Ju besides said that portion this people of investors mightiness person included ETF-associated addresses, the caller spike successful “balances for whale addresses” is not ETF-related.
#Bitcoin whales accumulated 47K $BTC successful the past 24 hours. We’re entering a caller era. pic.twitter.com/SXgzToN8GU
— Ki Young Ju (@ki_young_ju) May 3, 2024
Featured representation from iStock, illustration from TradingView
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