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Bitcoin (btc) has slowed down recently, with prices building on previously recovered support areas to continue its uptrend and excellent year-to-date performance. More recently, the BTC is expected to achieve new levels and annual peaks.
Despite the slowdown in the price of bitcoin, some indicators suggest that it may be about to rise significantly with market sentiment. This uptrend could lead to a further uptrend as investors massively re-enter the cryptocurrency market.
This uptrend could lead to another rally as investors flock back into the cryptocurrency market. Bitcoin gasoline for.
The chart below shows investors are again betting and optimistic about the crypto market, despite a persistent downside trend. This one is in the back view of investors and financial institutions.
According to a report from ByteTree, Exchange Traded Funds (ETFs) have seen a sharp increase in their holdings. Source: BytetreeIn a report by ByteTree, ETFs have seen their investments increase significantly.
Three separate etfs added more than 1465 bitcoins this month.
This shows that market sentiment in the cryptography industry has changed since early 2023, in spite of crises such as ftx's failure, three important arrows, and the recent quarrel between gemeaux and genesis. The chart below shows that the number of addresses holding Bitcoin has grown significantly over the past month. The graph below shows that the number of addresses containing Bitcoin has increased significantly during the last month.
According to Glassnode data, the number of addresses containing 0.1 pieces, often associated with individual investors, reached a record high (HTS) of 4,217,261.
In the chart above, shared via a tweet from “Altcoin Sherpa,” there are see similarities in the current market price action and the daily chart of Bitcoin, after the fall from its all-time high of $69,000, months of accumulation and sideways price action and the start of momentum before a full take off to reclaim the previous high with expectations to break to new levels and explore new territories.
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Is that sufficient for an increase in prices? Currently, Bitcoin is trading at $23,150, rising modestly in the last 24 hours after a small withdrawal to regain strength and aim for the next target of $23,800.
According to a recent report by NewsBTC, Bitcoin could see further downside correction if the currency fails to clear the $23,250 resistance level, which can result in a failed attempt to further lean on the support line near the $22,650 zone.
