Bitcoin Back Above $9,600 And Ready To Pounce After Record Level Accumulation

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Bitcoin's Massive Accumulation Phase Shows Where Price is Headed
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Bitcoin is back above $9,600. While the 2% price change in 24 hours has been marginal, getting back above $9,600 is a key psychological move that could boost bullish sentiment. If this holds as support, traders will expect some big price action in the week. On the upside, bulls will be looking to reach $9,800 for bullish confirmation.

Numerous data metrics have shown over the last few weeks that hodlers have been accumulating more than ever. In fact, new data from Glassnode showed that investors have for much of 2020 been accumulating. 

This accumulation especially took hold after the third Bitcoin halving when incidentally there has since also been a 2% Bitcoin whale increase. The increase in participation by whales has been evident with major price action taking place with little trading volume.

Through much of the accumulation, there has been little in regards to price action. Bitcoin has remained in a range that is ever narrowing. Historically, this unprecedented drop in volatility is followed by violent action.

Bullish Sentiments All Round

Bullish sentiments are already bubbling led by unconfirmed reports of a Paypal and Venmo integration that will allow their 325 million users to buy cryptocurrencies. This would be a major step towards mainstream adoption that would see prices soar.

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Furthermore, President Trump has confirmed that a second stimulus check is coming in a couple of weeks, adding that it will be “very generous.” With the first check, data from U.S exchange Coinbase showed that following the disbursement, there was an increase in deposits of around the same value as the checks.

With the second stimulus check, more of the same is expected. Some of this money will make it to the crypto market, pushing demand and prices up.

End Of Week Bitcoin Options Expiry

But while most positive catalysts are a few weeks away, one monumental event is taking place at the end of this one. Bitcoin options valued at nearly $1 billion are set to expire on June 26. This has some investors worried as Bitcoin remains under $10K, which many would not have prognosticated.

It is still unclear how this will affect prices if Bitcoin is still under $10K by the end of the week and whether this will have a major impact leading or on the day of the expiry. But a lot of eyes will be set on it as a new record is set.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.