1.57 Million Addresses Purchase 760K BTC As Traders Eye Massive Rally For BTC

1.57 Million Addresses Purchase 760K BTC As Traders Eye Massive Rally For BTC

Investors are still optimistic about an incoming rally for the world’s largest cryptocurrency by market capitalization, Bitcoin (BTC), as they continue to take reasonable positions by accumulating the digital currency. 

Fresh data from IntoTheBlock suggests a massive accumulation spree of Bitcoin by investors between the price levels of $40,900 and $42,100. 

According to the data, 1.57 million Bitcoin addresses have purchased a combined 760,000 BTC between $40,900 and $42,100. Famous cryptocurrency trader and analyst Ali Martinez shared the development on Twitter. 

“Bitcoin IOMAP reveals that 1.57M addresses had previously purchased nearly 760K BTC between $40.9K and $42.1K,” @ali_charts tweeted earlier today. 

Can Bitcoin Surge Above $46,500?

Based on the recent accumulation of Bitcoin between $40,900 and $42,100, the famous cryptocurrency trader believes that a decisive daily candle could see Bitcoin rally above $45,000 and move closer to its next barrier of $46,500. 

“Only a decisive daily candlestick close above this hurdle can give BTC the strength to march towards the next critical barrier at $46,500,” Martinez added. 

Interestingly, if Bitcoin breaks the $46,500 barrier and goes beyond $47,000, the move would see the popular cryptocurrency sit above all four Simple Moving Average (SMA), including 20W SMA, 50W SMA, 100W SMA, and 200W SMA, Glassnode data suggests. 

BTC daily timeframe shows that higher highs establishing, resistance at $42.6k, while support at $40,200, if price can move above $42.6k, then there is a probability we continue to the upside towards $46,500.

BTC Massive Rally Amid Growing Adoption

Over the last 24 hours, Bitcoin recorded slight gains for investors, as it traded above $43,000 for the first time in three weeks. 

The world’s largest cryptocurrency, up 3.1% in the last 24 hours, has seen its value plunge below $38,000 in the previous three weeks.  

Interestingly, Bitcoin has been trading above $40,000 since March 16, 2022, as users’ adoption of the cryptocurrency continues to gain momentum. 

Earlier this month, 1.36 million addresses accumulated 750,000 Bitcoin, as traders continued to show trust in BTC. 

At the time of writing, Bitcoin is trading around at $42,235 across major cryptocurrency exchanges, including Binance and KuCoin. 

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Original Source :thecryptobasic.com

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