TL;DR
- Bitcoin explodes and touched the $55,000 zone
- A BTC whale buys $1.6 worth of BTC through buying orders within five minutes
Bitcoin (BTC), after touching yesterday’s high of $51,800 for the first time in a month, has not stopped climbing up and recently saw a sudden surge in the price and touched the $55,000 mark.
Although $56,000 is a crucial resistance level for BTC, anything could be possible as per its mood. BTC is just $15 billion away from attaining $1 trillion market cap as it had earlier this year.
The attitude of BTC clearly indicates the arrival of the bulls as the month starts, and the coin king is targeting a $56,000 zone and a trillion-dollar market cap.
The $55,000 level is touched after May 12, bringing a satisfactory smile on bulls after such a hustle and hard work.
Bitcoin recovers from China’s crackdown
China is never cool with the crypto market and Bitcoin and always tries to overpower it. However, in return, it has always seen defeat. We can see an aggressive bull after the Chinese crypto crackdown, just as it happened in 2017.
According to a recent analysis by Glassnode, miners have started accumulating BTC, resulting in less selling pressure, which gave a bullish momentum to the market.
The coin recorded today’s high at $55,555 by beating the previous line of $ 53,000 drawn by bulls on September 5. On September 6, the market collapsed and saw a reversal, bringing the price back to $42,000-$46,000 zone.
The futures market fluctuates heavily due to massive volatility, but the experts say that the next target of $57,000 is not so far.
It is a true saying that there is any target possible once the bulls arrive.
The sudden breakout of Bitcoin has overtaken the Bitcoin futures of CME Group, which was trading at $400, above the spot price.
These situations completely indicate that BTC has fully recovered from China’s attack on miners and recent crackdown.
Whale buys $1.6B worth $BTC within 5 minutes
According to a very recent analysis by Ki Young Ju, a market analyst, a whale has bought $1.6 billion worth BTC via market orders in just five minutes. The amount of interest institutional investors, as well as huge individual whales, are showing, the new All-Time High (ATH) is not so far.
As per the analysis and speculations by the experts, November can take BTC to its new ATH creating new histories.
