BTC Accumulated Intensely At These Levels

In the midst of its bearish outlook, Bitcoin displayed a very marked level of accumulation based on evidence from on-chain data. Sharing his views, crypto analyst @Ali_Charts showed that the cryptocurrency is experiencing heavy accumulation around the price levels of $26,360 and $27,160 respectively.

According to the data presented, a total of 2.36 million addresses bought a total of 1 million BTC in this range. The backlog is fairly new and we may soon begin to see the impact on the price of the cryptocurrency going forward. Over the past time, Bitcoin has also traded as low as $25,878 and failed to break above the $30,000 resistance point with the wide uncertainties introduced to the market last month. With the impact and impact of the supply shortage that the recent accumulation will bring, we may also see the digital currency move beyond its current monthly high of $29,820.

There is also an expectation that the Bitcoin price will continue a more defined growth path this month based on different protocol fundamentals. First, the market was relieved by the blocking of the 30% tax for Bitcoin mining stipulated in the debt ceiling bill. This offers significant leverage to cryptocurrencies and investors who are hesitant to inject cash into the industry due to unfavorable laws.

A key sentiment that could significantly increase the price increase for Bitcoin this month is seen as the upcoming halving event. While this halving won’t happen until April next year, the imminent Litecoin Halving could also kick off an early rise for Bitcoin. According to Arthur Hayes, while expectations for impressive price increases in June are high, the real rally for this year is expected to start in October.