Just a few days ago, Bitcoin was consolidating heavily below $27,000 and failing to rise above these crucial levels. While the targets set for the flagship crypto were initially at $26,600, then $27,600, and finally $28,800, which acted as major resistance for a while. However, as the huge players entered the crypto space, the investors became bullish on crypto and clinched $30,000 in no time.
The BTC price is currently trading just above $30,000, marking the intraday high of $30,800 just a few moments ago. Although the price is facing a minor bearish action, it may further resume rising. How did the BTC price manage to soar so high?
As per the CEO of CryptoQuant, Ki Young Ju, nearly $1 billion of TUSD was deposited into Binance, and presently the BTC/TUSD pair has the highest trading volume.
https://twitter.com/ki_young_ju/status/1671562875368873984
Therefore, the CEO speculates that the buying power originated from the veteran whales but was not based in the US, or else it may be Asian-based investors. So what’s next, Will Bitcoin continue to surge and mark highs above $32,000?
Considering the current price action, the BTC price is at the last stage of the Wyckoff method, which suggests a massive upswing could be on the horizon. If the price continues with the same plan, then it may hit $40,000 by the end of July 2023, as per a popular analyst, Moustache.
Collectively, the Bitcoin price appears to have gained mainstream attention as its dominance reaches 50% and is expected to continue to soar. According to one of the popular analysts, Benjamin Cowen, the dominance is expected to reach 60% and last until September, regardless of whether the price trades towards the north or south.
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- Source: https://coinpedia.org/bitcoin/is-the-bitcoin-btc-price-correction-over-till-when-can-we-expect-the-upswing-to-persist/
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