The price of bitcoin has experienced a notable 2% increase from its recent bottom, leading to speculation about the optimal time to buy the cryptocurrency.
This upward momentum has attracted the attention of investors and traders, who are now considering whether it presents a favorable investment opportunity.
The current price increase raises questions about the potential for further gains and the overall market sentiment surrounding bitcoin.
In this update, we will delve into the factors contributing to this price rise and analyze whether this is really a good time to buy bitcoin.
BTC Declines Amid BlockFi Liquidation and Platform Challenges
Bitcoin suffered a significant drop of over 1.5% Announcing the Shutdown of BlockFi,
The leading crypto lending platform has been attempting to sell its crypto platform and around 700,000 customer accounts since January due to regulatory challenges.
Unfortunately, their efforts were unsuccessful, leading to their filing for bankruptcy in November of last year.
This is part of a trend where various crypto platforms including Terraform Labs, Three Arrows Capital, Alameda Research and FTX Exchange have also faced difficulties in the recent past.
Market Speculation Emerges As Coinbase Transfers Substantial Amounts Of Bitcoin In Anonymous Wallets
According to Whale Alert, a well-known cryptocurrency tracking service, a notable amount of bitcoin was recently moved from Coinbase, a major crypto exchange in the US, to a wallet with unknown ownership. These transfers took place about 15 hours ago.
Whale Alert observed bitcoin transactions coming into Coinbase from two anonymous wallets, prior to the price drop. Furthermore, two anonymous wallets transferred a large amount of Ethereum (19,635 ETH each) to Coinbase.
The exact impact of these transfers on the price of bitcoin remains uncertain. However, it is important to acknowledge that large-scale volatility in cryptocurrencies has the potential to bring volatility to the market. Traders and investors closely monitor such transactions because they can signal significant market movements.
Coinbase’s transfers also included Ethereum, as the two anonymous wallets sent 19,635 ETH to each platform. This emphasizes the active trading activity on Coinbase and the participation of various cryptocurrencies in the market.
bitcoin price
Bitcoin Currently trading at a price of $26,950 and after two days of recovery, the BTC/USD pair faced some pressure on Tuesday, influenced by the mixed sentiment prevailing in the market.
The $26,800 support level, which previously served as a resistance, is now acting as a potential turning point for bitcoin on the four-hours chart.
Key technical indicators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) signal that the market is entering a buy-friendly zone.
Therefore, if bitcoin manages to hold above the $26,800 level, there are chances of a bullish rally targeting $27,800 or $27,500.
It is important to highlight that the 50-day exponential moving average (EMA) at around $27,500 acts as a notable hurdle, indicating dominance of bearish sentiment in the market.
Top 15 Cryptocurrencies to Watch in 2023
The team at Cryptonews Industry Talk has compiled a selection of cryptocurrencies with promising outlooks for 2023. These digital currencies demonstrate significant potential for growth in both the short term and the long term.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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