Bitcoin has broken the $28,000 barrier for the first time in three weeks. Prices of Bitcoin BTC jumped more than 5% in 24 hours, leading to the market’s largest short squeeze so far in June. The Bitcoin dominance index has also risen to above 50%, the first time it has hit this level in over two years.
As sentiments change, gains are being made amid the whale accumulation. According to Crypto analytics platform Santiment, the price is now at key resistance levels, with tokens and trading volume increasing.
Twitter is a market intelligence platform which stated: “Bitcoin has made a huge run in the past 4 hours, rising from $26.7k to $28.0k (+4.9%) in this brief time. The 3-week $BTC price high is being powered by rising trading volume and token circulation, both factors that often imply continued growth.”
Earlier, the company had shared data which showed whales had exploited recent declines to increase their holdings. Whales holding 1,000 to 10,000 BTC have added 131,600 BTC, worth more than $3.5 billion, since April.
The latest gains have also come after headline news around the filing of a spot Bitcoin ETF by BlackRock, and reports of similar moves by Fidelity Investments. Bulls are now aiming for the $30,000 mark, though the intraday highs could be a major hurdle.
Veteran trader Peter Brandt noted on Twitter: “The burden of proof is increasing upon the bears in Bitcoin $BTC. The retesting of the underlying H&S has been well supported and a possible falling wedge is being completed on daily line chart.”
Crypto analyst Ali Has highlighted that Bitcoin’s upsurge has bulls at “stable support”. He predicted: “As long as #BTC holds above the $26,160 – $26,970 range, it has a good chance of reaching new yearly highs. Around 2.26 million addresses purchased more BTC than 1.14 million BTC at this range.”
