After a low-volume weekend, Bitcoin (BTC) started the new week with a 2% pullback. However, these minor declines haven’t weakened the overall market momentum. Notably, Coinbase, a major player, has been consistently buying for nearly two months and hasn't sold any of its holdings, a significant indication of strong market confidence.
Coinbase’s Buying Strategy
Coinbase’s aggressive buying strategy continues despite small price drops, showing resilience. This behavior is particularly encouraging for long-term investors. The market often responds to such moves by large players, and Coinbase’s strategy signals sustained confidence in Bitcoin. #Binance
ETF Purchases Reach New Peak
Another critical development is the surge in Bitcoin purchases through ETFs (Exchange Traded Funds). Last week, ETF purchases reached a new peak, with a net acquisition of 314,000 $BTC
since the ETF’s approval. The steady increase in these inflows indicates a positive long-term outlook for the market.
Technical Outlook
In the short term, the $60k level serves as a key support. As long as this region holds, the positive trend is expected to continue. Although Bitcoin closed above $65k recently, the weekend’s low trading volume means these closes were not particularly significant. For the rally to gain momentum, a strong, high-volume close above $65k is required. #BTCReboundsAfterFOMC
Conclusion
The continuation of both Coinbase’s and ETF purchases suggests that Bitcoin remains strong in the long term. However, for short-term movements, it’s important to monitor key levels closely. As long as the $60k support remains intact, the market will likely maintain its positive trajectory.
We’ll be sharing updates throughout the week to keep you informed. Wishing everyone a profitable and successful week ahead!