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The price of Bitcoin (BTC) jumped 7.5% in 24 hours. Reasons for the increase

Bitcoin closed (BTC) Daily candle with a strong gain of 7.5%, indicating strong bullish momentum.

Let's take a look at why $60,000 was a crucial entry point for investors and traders.

Bitcoin Price Analysis: Analysis of Key Technical Indicators

The price is currently moving in the daily Ichimoku cloud, which is an important technical indicator of market sentiment. A break above the upper cloud boundary will indicate a possible continuation for an upward trend.

On the contrary, the lower cloud boundary around $62,000 and the 0.618 Fibonacci retracement level at $60,135 offer strong support levels.

The chart shows that the price has tested the $60,000 level several times, making it strong support. Let’s explore the reasons behind this.

Daily BTC/USDT Price Action: TradingView
Daily BTC/USDT Price Action: Trading View

Prices obtained by groups of titles: New whales versus old whales:

  • Price realized for new whales: New whales – addresses holding more than 1,000 BTC with a coin holding duration of less than 6 months – have accumulated significantly around the $60,000 mark. This buying activity is crucial, cementing $60,000 as a key support level. Continued accumulation at this price shows strong confidence among new whales, reinforcing the support level for Bitcoin price. The average acquisition price, or realized price, of these new whales indicates that each Bitcoin they purchased was acquired at an average price of $60,000.

  • Price realized for old whales: Long-term whales, which hold more than 1000 BTC for more than 6 months, have a fixed realized price. This stability reflects their confidence and low turnover, indicating a long-term strategic investment approach.

Price reached by cohorts Address: CryptoQuant
Price obtained according to title groups: CryptoQuant

Offer held by the new Bitcoin whales:

  • Accumulation trend: The chart shows a sustained increase in supply held by new whales. Which indicates its active accumulation over the past month. This trend corresponds to significant price increases, indicating a relationship between their purchasing activity and price increase dynamics.

  • Market Confidence: New whales accumulate constantly, even during price corrections. This confirms their bullish outlook and reinforces $60,000 as a critical support level. This behavior indicates that new whales view current levels as attractive entry points, contributing to market stability and potential upward movement.

The show organized by the new whales: CryptoQuant
The spectacle given by the new whales: CryptoQuant

Bitcoin's bullish momentum is strongly supported by the sharp increase in supply held by new whales. A group of large holders who have greatly increased their accumulation. This trend is evident as the realized price of these new whales constitutes a major support level.

Determined Bitcoin $60,000 is still a critical threshold. Every time Bitcoin hits this price, new whales step in to accumulate, reinforcing $60,000 as a strong support level and supporting Bitcoin's continued rise.

Spectrum of realized Bitcoin prices

Realized price range is a crucial tool for navigating bull markets. Provide information on average acquisition prices across different groups of holders. The Short-Term Holders Realized Price, which represents the average acquisition price of short-term holders, acts as a support level, effectively timing market lows during this bull market.

The price spectrum studied makes it possible to monitor the risks associated with Bitcoin during market cycles. Currently, Bitcoin price is trading above all price hits in the spectrum, which is a bullish signal indicating a strong uptrend.

This situation highlights market confidence and the potential for further gains.

Learn more: Bitcoin (BTC) Price Forecast for 2024, 2025, 2026, 2027

Spectrum of realized prices for BTC: CryptoQuant
Range of realized prices for BTC: CryptoQuant

Strategic recommendations in the face of the Bitcoin effect

  • Bullish outlook: The outlook for Bitcoin remains optimistic. This assessment is based on recent price movements and key support levels formed by new whale accumulations.

  • Conditional support at $60,000: Bitcoin enjoys strong conditional support at the $60,000 level. This support is mainly due to new whales, which are constantly accumulating Bitcoin at this price level, making it an important threshold.

  • Price forecasts and recommendations: If Bitcoin breaks above the Ichimoku daily cloud, we could see prices reach the $78,000-$80,000 range in the medium term. However, this bullish forecast depends on several factors: - The continued accumulation of new whales.
    - Miners refrain from selling their properties, as they are currently profitable.
    - The absence of negative macroeconomic or geopolitical events that could disrupt the upward dynamic.

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