Bitcoin saw a technically significant uptrend today that allowed it to erase virtually all of the losses resulting from the meltdown it faced in mid-March. Its $1,000 climb today sent shockwaves throughout the crypto market, leading many altcoins to post notable gains.
This uptrend comes after what appears to be a month-long bout of extreme accumulation from investors, signaling that this uptrend has been driven primarily by retail investors.
Data surrounding the number of wallets with a non-zero balance, as well as Bitcoin’s dwindling open interest, both seem to confirm this notion.
Bitcoin’s uptrend reaches a boiling point as retail investors drive massive movement
This latest uptrend appears to have been driven by significant buying pressure from retail investors, who met bears with enough strength to catalyze and intense rally that led BTC from lows of $3,800 to highs of just under $9,000 that were set today. Read More...