While the Bitcoin price remains strong at $38,000 levels, on-chain data is also showing positive signals.
Over the past six months, the top 100 Tether wallets have collected more than $1.67 billion in USDT tokens. This means that purchasing power has increased by around 10%.
Sanitment reported that the Bitcoin price reached $38,300 for the first time since May 5, 2022. While this increase has been attributed to a variety of factors, a key contributor appears to be the top 100 Tether (USDT) addresses, which have collectively added $1.67 billion over the past six months.
The increasing purchasing power of these whale #USDT addresses indicates an uptrend, and if this momentum continues, analysts predict the possibility of Bitcoin surpassing $40,000 in the near future.
Greeks.Live reported that#Bitcoinrose above the $ 38,000 level and reached the highest level of the year.
Market sentiment continues to suggest that the Exchange Traded Fund (#ETF) could be approved in the first quarter of next year. Skew's significant positive trend for more than a month is in line with market expectations. Investors are advised to consider every decline as a suitable opportunity to improve their positions until the ETF is officially accepted.
Bitcoin's upward momentum is facing resistance near $38,000, but subsequent declines have been brief and minor.
This formation forms an ascending triangle on the price chart, characterized by a horizontal upper resistance near $37.8000 and a rising lower support from pullbacks lower. The shallower recent declines suggest that the uptrend is increasing, and analysts like FxPro's Alex Kuptsikevich are eyeing the ascending triangle formation, eyeing a potential break above $40,000. However, the question remains as to how soon this can happen.
