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Bitcoin price kicks of the new week’s trading above $56,000 as the distance to $60,000 reduces.
BTC potential keeps growing with every passing day, bolstered by a high accumulation from the whales.
Bitcoin completed the weekend with remarkable action above $56,000. In the last couple of weeks, the flagship cryptocurrency has flipped many resistances into critical support areas.
This means that bulls have not depleted their energy as they close the gap to $60,000. Moreover, fundamentals appear to be improving alongside the micro, implying that the journey north is formidable enough to remain intact in the coming days or weeks.
Bitcoin Price Makes Haste Toward $60,000
The bellwether cryptocurrency trades around $56,400 on Monday at the tail end of the Asian session. A recent resistance at $52,000 has been turned into support, boosting the bullish efforts to achieve higher highs.
Bitcoin’s intraday outlook seems strongly bullish based on the daily chart. The Moving Average Convergence Divergence (MACD) sustained buy signal reinforces the bulls’ growing influence. Additionally, the Relative Strength Index (RSI) adds credence to the bullish outlook as it breaches its way into the overbought region.
As the RSI follows the trend of an asset, it also calculates the strength of the bulls and the bears. A continuous movement north reinforces how aggressive buyers are. Therefore, Bitcoin seems poised for gains above $60,000.
BTC/USD Daily Chart
The run-up Bitcoin has enjoyed in the last couple of weeks can be attributed to the rising investor risk appetite bolstered by improving sentiment toward Bitcoin and cryptocurrencies as a whole. According to Santiment, whales have continued to stack the largest crypto asset, with addresses with 100 – 1,000 BTC accumulating roughly 85,700 BTC since late September.
Bitcoin Supply Distribution
Currently, these whales account for 21.3% of the total Bitcoin supply, the highest level in Bitcoin’s history. As demand for Bitcoin rises, it becomes easier to gain traction. Thus it is only a matter of time before bulls push past $60,000.
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