BTC Price Analysis: Analyst Describes Bitcoin’s Current Stage as a General Accumulation Phase

The post BTC Price Analysis: Analyst Describes Bitcoin’s Current Stage as a General Accumulation Phase appeared first on Coinpedia Fintech News

According to the latest data, Bitcoin was trading at around $26,835, showing minimal change over the previous four hours and a 1.2% decrease from the same time on Wednesday. Despite the late-night U.S. developments on Wednesday, the largest cryptocurrency appeared largely unaffected.

On an optimistic note, Maverick’s Baxley observed a general accumulation phase among crypto investors. He highlighted that the moving averages indicated a neutral or slightly bullish sentiment, suggesting the formation of a foundation for a potential upward trend. Baxley acknowledged that the market had already factored in possible rate hikes by the U.S. central bank, which have historically impacted prices.

Regarding the current situation, Baxley emphasized the importance of liquidity and stated that the upcoming weeks’ developments would depend on the Treasury’s ability to execute its replenishment process diligently. He speculated that many investors are currently adopting a cautious approach as a result.

According to CoinMarketCap data, Bitcoin is trading at $27,128 with a 1% gain in value over the last 24 hours. BTC is down by 3% in the last 30 days and up by 2.28% in the last seven days. Bitcoin rose from a low of $26,574 to a high of $27,203 before falling to its current price.

Ethereum trades in the green

Ether, the second-largest cryptocurrency by market value, recently traded at approximately $1,888, representing a 1.67% increase in the past 24 hours. While most assets experienced negative movement on Thursday, Ether briefly entered positive territory.

CoinMarketCap data shows that ETH rose from a low of $1,851 to a high of $1,896 before falling to its current price.

After two days of bloodshed, the whole cryptocurrency market seems to be picking up pace. The global crypto market cap is also up by 1.23% in the last 24 hours.

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