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Bitcoin rose to $28,150, its highest level in three weeks.
The upside comes as sentiment flipped positive on ETF news amid further whale accumulation.
Analyst say BTC could test new year-to-date highs but bulls have to hold a key support area.
The price of Bitcoin (BTC) broke above the $28k level for the first time in three weeks, with BTC trading to highs of $28,150 on Tuesday afternoon. The gains continued the cryptocurrency’s resurgence after it recently fell below $25k.
Today’s upside saw BTC/USD jump more than 5% in 24 hours, the action resulting in the market’s largest short squeeze so far in June. Bitcoin’s dominance index also rose to above 50%, the first time it hit the level in over two years.
Bitcoin gains as sentiment flips amid whale accumulation
As the price moved to the key resistance level, crypto analytics platform Santiment pointed to the increasing trading volume and token circulation.
“Bitcoin has made a huge run in the past 4 hours, rising from $26.7k to $28.0k (+4.9%) in this brief time. The 3-week $BTC price high is being powered by rising trading volume and token circulation, both factors that often imply continued growth,” the market intelligence platform tweeted.
Bitcoin price rose as dominance hit 50%. Source: Santiment
Earlier, the company had shared data showing whales have exploited the recent downside to add to their holdings. While the shrimps to fish cohorts have been busy adding to their total holdings over the past month, whales with 1,000 to 10,000 BTC have added 131,600 BTC worth over $3.5 billion since the start of April.
Bitcoin price outlook – analyst share predictions
Bitcoin’s latest gains also come after headline news around the filing of a spot Bitcoin ETF by BlackRock and reports of a similar move by Fidelity Investments. It appears bulls can now target the $30k level, although the intraday highs zone could prove to be a key hurdle.
While Bitcoin was trading around $27,950 at 4:00 pm ET on Tuesday, the gains bulls notched earlier had the world’s largest coin by market cap at levels experts have said need to break for further upside momentum.
“The burden of proof is increasing upon the bears in Bitcoin $BTC,” veteran trader Peter Brandt noted on Twitter. “The retesting of the underlying H&S has been well supported and a possible falling wedge is being completed on daily line chart.”
Here’s the chart the veteran trader shared.
Meanwhile, crypto analyst Ali has highlighted that Bitcoin’s upsurge has bulls at “stable support”.
“As long as #BTC holds above the $26,160 – $26,970 range, it has a good chance of reaching new yearly highs,” he predicted. The analyst notes that about 2.26 million addresses purchased more than 1.14 million BTC at the above range.
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