#Bitcoin Analysis
After a week of low volume, Bitcoin (BTC) started the week down 2%. However, these small drops did not weaken the overall market momentum. Notably, Coinbase, a major company, has been buying for nearly two months without selling any of its shares, a significant sign of strong market confidence.
Coinbase Buying Strategy
Coinbase's aggressive buying strategy continues despite the slight price drop, showing resilience. This behavior is especially encouraging for long-term investors. The market often reacts to such moves by large players, and Coinbase's strategy shows sustained confidence in Bitcoin. #Binance
ETF Buying Hits New High
Another important development is the increase in Bitcoin purchases through ETFs (Exchange Traded Funds). Last week, ETF purchases reached a new high, with a net purchase of $314,000 in BTC.
BTC
64,211.04
-2.09%
since the ETF was approved. This steady increase in inflows suggests a positive long-term outlook for the market.
Technical outlook
In the short term, the $60,000 level acts as a key support level. As long as this area holds, the positive trend is expected to continue. Although Bitcoin has recently closed above $65,000, the low trading volume of the weekend means that these closes are not really significant. For the rally to gain momentum, a strong, high-volume close above $65,000 is needed. #BTCReboundsAfterFOMC
Conclusion
The continued buying of both Coinbase and ETFs suggests that Bitcoin remains strong in the long term. However, for short-term moves, it is important to keep a close eye on key levels. As long as the $60,000 support level remains intact, the market is likely to maintain its positive trajectory.
We will be sharing updates throughout the week to keep you updated. Wishing everyone a successful and profitable week ahead!