The break in Bitcoin’s daily downtrend and heightened demand from whales indicate Bitcoin’s price could jump, but analysts expected it to take a few weeks.
Large Bitcoin holders are accumulating more of the cryptocurrency as its price is not expected to reach new highs for weeks, say crypto analysts.
“Bitcoin will likely spend some additional time hovering above the range low area, but generally, the trajectory will be upward to revisit the range high over time,” pseudonymous crypto trader Rekt Capital told Cointelegraph.
Rekt noted that the daily downtrend — an ongoing pattern of the Bitcoin (BTC) price declining on a day-to-day basis — has now “broke,” as its price closed May 15 at $65,854, up 6.9% from the previous day’s close, according to CoinMarketCap data.