Bitcoin Shows Bullish Divergence After Price Bounces From $25.3K Support

Bitcoin bulls have once again proven their resilience despite a bloody weekend due to successive lawsuits against Binance and Coinbase.

Specifically, BTC whales have bought the dip at $25,300 and are taking their BTC off exchanges. This has led to a bullish divergence, which may send Bitcoin back to $28,000 within two weeks.

🐳 As #altcoin madness has ensued, there quietly is a #bullish divergence between #Bitcoin’s accumulating whales and falling price. With whale holdings moving up by ~1K $BTC per day while prices fall, there is reason to believe a strong rebound can occur. https://t.co/Ol0cK5VhPE pic.twitter.com/FeHPqqJx7o

— Santiment (@santimentfeed) June 11, 2023

Glassnode also confirms that a similar trend happening among Bitcoin whales — they just keep accumulating bitcoins regardless of any negative news in the crypto space.

In detail, the amount of bitcoins being sent from whale addresses to exchanges remains at 0.004%. In other words, only traders and retailers are selling their bitcoins.

The percentage of #Bitcoin Long-Term Holder Supply sent to Exchanges remains extremely quiet at 0.004%.

This highlights the profound inactivity of the cohort amidst elevated market distress, remaining indifferent to the #Binance and #Coinbase regulatory charges. pic.twitter.com/yWfdQHu4Ca

— glassnode (@glassnode) June 11, 2023

These details may show that the crypto space — especially Bitcoin fans — is getting immune to FUDs of any kind. Given that the next Bitcoin halving is still one year from today, preventing BTC from incurring further losses will provide rocket fuel for a push for a new all-time high (ATH).

As seen in the chart, the $25,300 support has been tested thrice this month and has remained resilient. However, the crypto market’s short-term fate will be decided tomorrow, June 13, as Ripple will have access to Hinman’s emails unredacted and the crypto regulation bill hearing will ensue as well. What is more, the monthly inflation rate will be announced by the FED soon.

Source