Bitcoin has risen again after using the accumulated strength, because the purchase activity increased considerably. The BTC price has previously shown a similar consolidation that the bears caught on the local soils. Interestingly, the bears are trapped when the price broke out heavily and these levels still remain untouched. That is why the Star -Token is expected to demonstrate a similar price action that can increase the levels beyond the psychological barrier.
Institutional FOMO to increase the BTC price
It all started before the Bull Run from 2021, when the Wall Street company, micro strategy, entered the crypto space. The institution has since collects BTC with regular intervals, regardless of the price variation. It has recorded more than 500k BTC and has registered as one of the largest whales in the crypto space. However, this also led to the other institutions, which fell into Fomo and entered the markets.
According to BitWise Asset Management data, listed companies now have nearly 700,000 BTC, with MSTR dominating by more than 77%.
The BTC accumulation curve of the company has been almost vertical since 2020, with micro strategy currently becoming its own ETF. The founder, Michael Saylor, started gathering as a lonely wolf and has now created this huge vacuum for other companies. The accumulation graph suggests that these companies do not really enjoy buying randomly, but laid a systematic absorption of the offer. That is why this impact looks like the BTC price nominal, but in the wider perspective, their basic price can work as a strong support, including the bulls may not allow topping.
Will the BTC price reach $ 100k in April?
Since the BTC price has shown a huge sign of recovery, the market participants have become optimistic about the next price promotion. As a result, non-Lege Bitcoin portfolios have risen to 54.72 million, just below the ATH at 54.74 million. This is considered a huge bullish signal for the coming price action, because the sentiments around Bitcoin are shifting. But still, the question remains whether the prize can break the barrier to $ 90,000?
The weekly graph of Bitcoin has been Bullish since token its position up to the rising trend line. The Chaikin Money Flow (CMF), a volume-based accumulation and distribution indicator, has fallen under 0 in the long term. This suggests that the markets become weak. But the weekly RSI tries to rise rapidly above the average zone, which can validate an increase in the Bearish imprisonment.
That is why the Bitcoin price is expected to retain a healthy rising consolidation and reach the upper resistance of the rising triangle at $ 88,500. An outbreak of the range can push the price above $ 90,000, which can wake up the bulls, which can further raise the levels to $ 100,000.
Credit : coinpedia.org
