Bitcoin has reclaimed the high area around the $50,000. In the meantime, indicators are turning bullish as the cryptocurrency could be preparing for another leg-up into uncharted territory.
At the time of writing, BTC trades at $57,654 with a 3.1% profit in the daily chart. In the weekly chart, BTC has a 7.5% profit with sideways movement in higher timeframes.
BTC with small gains in the daily chart. Source: BTCUSD Tradingview
Analyst William Clemente has defended the bullish case for the number one cryptocurrency by market cap. He claims Bitcoin’s base of capital has been increasing with a price action and supply distribution uncommon of local tops. As seen in the chart below, 14.45% of BTC’s supply sits around the $57,000 which acts as important support.
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now! BTC with important support at $57,000. Source: Glassnode via William Clemente
BTC’s supply has become a major factor in its price appreciation. As the chart and Clemente showed, BTC is “consistently moving” into cold storage or…
