There's a popular perception among us that Bitcoin will definitely hit 5 figures before or just after Bitcoin halving. Every day every second experts predicting their numbers. But the price of Bitcoin last 2-3 weeks was underwhelming. The price hasn't moved as per expectations and continuosly underperforming against the market after the All Time High.
But suddenly Bitcoins Price seems recovering and finally we saw Daily Close Above 70,000. So, what's Drivibg the Upward Movement......
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🚀 Main Reasons Why Bitcoin Finally Getting Momentum
1. Few days ago, when the Bitcoin price was at $65.5k, I informed you about the possibility that the price correction may be over because huge profits were realized, amounting to $2.7B.
2. On the other hand, the selling pressure weakened because short-term holders have stopped realizing losses on the price correction.
3. New USDT has been minted and as you can see, there is a strong correlation between the market cap of USDT and the price of Bitcoin.
4. Additionally, we can see huge BTC inflows to the accumulation addresses, and their reserves hit an all-time high.
5. There is one more important change in long-term investors' behavior. Distribution is weakening.
💡 Bitcoin Hash Rate Hit ATH
💊 94% of the total Bitcoin supply has now been issued and the halving is in 10 days
🦠 Bitcoin Chart On Different Days Last Week
🔹Data Source - IT Tech
🔸Chart Source - CryptoQuant & Tradingview
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Halving is after week and the positive price growth in Bitcoin itself a good sign for everyone. Still Bitcoin is Discounted 10% From All-time High but if the positive things comes out its way we can see new ATH before Halving.
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⚡ 𝗠𝗼𝗿𝗲 𝗔𝗹𝗽𝗵𝗮, 𝗝𝗼𝗶𝗻 𝗨𝘀, 𝗙𝗼𝗹𝗹𝗼𝘄 𝗨𝘀, 𝗦𝗵𝗮𝗿𝗲 𝗨𝘀 ⚡ @Techandtips123
