Bitcoin (BTC) price rises 7.5% in 24 hours: Key factors behind the surge

Bitcoin (BTC) closed the daily candle with a strong 7.5% gain, indicating strong bullish momentum.

Let's examine why the $60,000 level is a critical entry point for investors and traders.

Bitcoin Price Analysis: Breaking Down Key Technical Indicators

The price is currently moving in the daily Ichimoku Cloud, an important technical indicator of market sentiment. A break above the cloud's upper boundary indicates that the upward trend is likely to continue.

Conversely, the lower boundary of the cloud provides strong support levels around $62,000 and the 0.618 Fibonacci retracement level at $60,135.

The chart shows that the price tested the $60,000 level several times, making it a strong support. Let's examine the reasons behind this.

Guaranteed price by address collections: new with old whales:

New Whale Verified Price: Addresses holding more than 1,000 BTC with a coin holding period of less than 6 months—Bitcoin is hoarding heavily at the $60,000 mark. This buying activity is critical in consolidating $60,000 as a key support level. The continued accumulation at this price shows a strong confidence among new whales, strengthening the support level of Bitcoin price. The average purchase price, or realized value, of these new whales shows that each bitcoin they bought was earned on average at $60,000. Old whale guaranteed value: Long-term whales holding more than 1,000 BTC for more than 6 months have a stable guaranteed value. This stability reflects their confidence and low volatility, suggesting a strategic long-term investment approach.

Read more: Who will have the most Bitcoins in 2024?

Supply held by New Bitcoin Wales:

Aggregation trend: The graph shows a continuous increase in the supply caught by new whales. Showing their active stock in the last month. This trend is consistent with price increases, indicating a correlation between their purchasing activity and higher price movements. Market Confidence: New whales are constantly being collected, even during price corrections. This highlights their bullish attitude and reinforces $60,000 as a critical support level. This behavior indicates that new whales view current levels as an attractive entry point, contributing to market stability and potential upward movement.

Bitcoin's upward momentum is strongly supported by the increase in supply captured by new whales. A group of large owners who have increased their holdings significantly. This trend is clear as the confirmed price is the main support level for these new whales.

Bitcoin consistently marks $60,000 as a critical threshold. Every time Bitcoin hits this price, new whales enter the stock, cementing $60,000 as a strong support level and underpinning Bitcoin's continued growth.

The spectrum of Bitcoin realized prices

The proven price spectrum is a critical tool for navigating bull markets. Providing insights into average purchase prices across different portfolios. Short-term holders' guaranteed value, which represents the average purchase price for short-term holders, is acting as a support level, effectively holding back market volatility during this bull market.

The proven price spectrum helps manage Bitcoin's risk during market cycles. Currently, the price of Bitcoin is trading above all the perceived values ​​in the community, which is an indicator of a strong upward trend.

This position indicates market confidence and potential for further gains.

Read More: Bitcoin Price Prediction 2024/2025/2030

Strategic recommendations among the influence of Bitcoin

Bullish Outlook: Bitcoin outlook remains bullish. This assessment is based on recent price movements and fundamental support levels created by new whale stocks. Conditional Support at $60,000: Bitcoin has strong conditional support at the $60,000 level. This support is mainly due to the new whales, who are constantly accumulating Bitcoin at this price point, consolidating as a major level. Price Predictions and Recommendations: If Bitcoin breaks above the daily Ichimoku Cloud, we could see prices reach $78,000 to $80,000 in the medium term. However, this bullish forecast is based on several factors: The continued stocking of new whales. – Miners avoid selling their holdings because they are currently profitable. – Absence of negative macro-economic or geopolitical events that could disrupt the momentum.

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