The crypto world is buzzing with excitement as smart money dives into the action, driven by the recent spikes in Bitcoin (BTC) and Ethereum (ETH). After observing from the sidelines, institutional investors are jumping into the crypto mix, leading to a notable increase in the trading volume of various digital assets. The momentum is strong, fueled by growing interest from major futures exchanges.
Let’s take a closer look at the key indicators that suggest an upward trend in the crypto market, promising some interesting developments in the weeks ahead.
Tether Whales in Action
The demand for digital assets among institutional investors is undeniable. Santiment, a market intelligence platform, reveals a significant increase in Tether (USDT) transactions valued at $100,000 or more—hitting over 40,000 weekly.
This surge hasn’t been seen since March, reminiscent of the trading volume during Bitcoin’s climb from $21,000 to $29,000 amid the global banking crisis. The signs are clear – the crypto market is making a comeback.
Read More: DOJ Cracks Down: Binance and Tether Face Terrorism Financing Charges
Bitcoin Price Action Analysis
Looking at Bitcoin’s recent performance from a technical perspective unveils some interesting patterns. A breakout from a substantial ascending triangle pattern, triggered by excitement around spot ETFs in the United States, has caught our attention. The formation of a daily golden cross, where the 50 and 200 Moving Averages (MA) intersect, is a positive sign, dispelling short-term bearish sentiments.
Also Read: “All ETFs Will Be Approved,” MELD CEO Reveals Bold BTC Predictions
However, a note of caution is in order. The possibility of a double top, combined with a bearish Relative Strength Index (RSI), is on the horizon. Bitcoin’s fate depends on its ability to consistently close above $37.9k in the coming days. Falling short might push the flagship coin towards the support range between $31k and $34.5k.
Do you think we’re on the cusp of another major bull run?
