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Bitcoin (BTC) Rise 8% and Positive Close Above the 200-Day Average…Where’s Next?

Source: https://bit.ly/3iboFkF

The Bitcoin-led crypto market has rebounded, which is up 8% in the last 24 hours and is battling to cross the $40K level.

Bitcoin is currently trading at $39,700 today, in another attempt to surpass the critical $40,000 resistance.

The price of Bitcoin has gained strong momentum amid rumors that Amazon is integrating Bitcoin payments.

But Amazon confirmed and responded that there are no such plans at the moment, but that did not stop the Bitcoin bulls from rushing in.

According to crypto analyst Lark Davis, Bitcoin closed its daily candle above the 200-day moving average.

This determines the primary direction in which Bitcoin is heading as it looks for further upside.

In a statement published on Tuesday, Pankaj Palani, CEO of digital derivatives trading platform Delta Exchange, wrote:

The current momentum is strong.

Palani expects this momentum to push the bitcoin price to $45,000 levels.

However, he adds that the final break of the $50,000 level will take some time.

Strong numbers about Bitcoin:

The recent bitcoin price brought about a positive change in the metrics for the cryptocurrency.

Yesterday’s transaction data shows that $15.3 billion worth of bitcoins were moved in one block.

On the other hand, Santiment also told that whale addresses holding between 100-10000 BTC have recently added massive amounts to what they already hold.

Santiment reported on this by saying:

Bitcoin whales holding between 100 and 10,000 BTC continue to accumulate since the May plunge that shook many weak hands.

These addresses have now collected an additional 130,000 BTC in the past five weeks, and another 40,000 in just the past 10 days.

On the other hand, bitcoin address activity has rebounded with the number of unique addresses interacting with the bitcoin network reaching a three-month high.

Bitcoin is sure to come in a strong bounce to the crypto market in general that the crypto community has been waiting for for a while, so will Bitcoin do it?

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