After a quiet weekend with low trading volume, Bitcoin ($BTC ) kicked off the week with a 2% dip. Despite this minor pullback, overall market momentum remains intact. A key factor behind this strength is Coinbase, a major player, which has consistently been buying Bitcoin for nearly two months without selling any holdingsâindicating strong confidence in the market.
Coinbaseâs Buying Strategy
Coinbaseâs continued accumulation of Bitcoin, even amid slight price drops, signals resilience. This move is especially encouraging for long-term investors, as large players like Coinbase often set the tone for broader market sentiment. Their strategy shows sustained confidence in Bitcoinâs potential $GNS
ETF Purchases Hit New Highs
Another noteworthy development is the surge in Bitcoin purchases through ETFs (Exchange Traded Funds). Last week, ETF Bitcoin acquisitions reached an all-time high, with a net purchase of 314,000 BTC since the ETFâs approval. This steady influx of capital suggests a bullish long-term outlook for the cryptocurrency.
Technical Analysis
From a technical standpoint, the $60k price level serves as a critical support zone. As long as $BTC holds above this level, the positive trend is expected to continue. Although Bitcoin recently closed above $65k, the low weekend trading volume reduced the significance of this milestone. For the rally to gain real momentum, a high-volume close above $65k is essential.
Conclusion
The ongoing accumulation by Coinbase and the rise in ETF purchases suggest Bitcoin remains strong for the long term. However, short-term movements will depend on key support levels, particularly the $60k mark. As long as this support holds, the market is likely to stay on its upward trajectory.
Stay tuned for more updates throughout the week. Wishing you a profitable and successful trading week ahead!
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