Bitcoin on Verge of New Bull Run: ETFs Add 1,465 BTC
• Bitcoin (BTC) has recently slowed in price action, with investors relying on previously recovered support areas to continue its uptrend.
• Despite the slowdown, some indicators suggest that a significant upside is on the horizon, along with a new bull run as investors return to the crypto market.
• Exchange Traded Funds (ETFs) have seen a sharp increase in their holdings, with three different ETFs having added over 1,465 Bitcoins this month.
The cryptocurrency market has been experiencing a slowdown in Bitcoin’s price action lately, but despite this, some indicators suggest that it may be on the verge of a significant upside. This trend is fueled by both retail and wealthy investors, with the number of addresses holding Bitcoin having grown significantly over the past month. Exchange Traded Funds (ETFs) have also seen a sharp increase in their holdings, with three different ETFs having added over 1,465 Bitcoins this month.
This influx of investment has been bolstered by a change in the market sentiment since the beginning of 2023, despite crises like the bankruptcy of FTX, Three Arrows Capital, and the recent feud between Gemini and Genesis. With investors being optimistic about the crypto market once again, many are expecting that Bitcoin will break into new levels and reach yearly highs, with some predicting that a new bull run may result.
In order to capitalize on this potential uptrend, investors are relying on previously recovered support areas in order to continue the uptrend and outstanding performance since the beginning of the year. This includes focusing on areas such as the $50,500 to $51,000 zone, which is seen as a critical support level as Bitcoin is trading above this range.
Overall, the cryptocurrency market appears to be gearing up for a significant upside in Bitcoin, with many investors being confident that it will reach new heights. With the influx of investment and the changing market sentiment, Bitcoin may very well be on the verge of a new bull run, making this an exciting time for investors and crypto enthusiasts alike.