Bitcoin Eyes $40000 Mark in Strong Recovery As USDT Holding Surge
Despite the recent downturn in the crypto market, mainly triggered by the legal Saga around Binance and its former CEO Changpeng Zhao, the Bitcoin price has shown suitable sustainability above the $35500 mark. A recent rebound from this support has surged the coin price has surged 5% in the last five days and is currently trading at $37696. In addition, as per the on-chain metrics, Bitcoin could witness additional inflow which could propel its price past the $40000 psychological mark.
USDT Buying Price is Growing
Over the last six months, the 100 largest Tether wallets have collected more than $1.67 billion in USDT tokens. This shows that the buying power has increased by a staggering 10% during this time.
On-chain data provider Sanitment reported that the Bitcoin price has reached $38,300 for the first time since May 5, 2022. This surge is attributed to various factors, with a significant contributor being the top 100 largest Tether (USDT) addresses, which have collectively added $1.67 billion in the past six months.
The increasing buying power of these whale USDT addresses suggests a bullish trend, and if this momentum continues, analysts anticipate the likelihood of Bitcoin surpassing $40,000 in the near future.
Popular crypto platform Greeks.Live reports that following the monthly delivery, Bitcoin has surged, breaking the $38,000 mark and establishing a new high for the year. This upward movement has also contributed to the recovery of Dvol, which had previously dropped to 51% after the delivery but has now returned to its recent average of 54%.
Market sentiment is currently highly optimistic regarding the potential approval of the Exchange-Traded Fund (ETF) in the first quarter of the next year. Skew’s significant positive bias, consistent for over a month, aligns with market expectations. Investors are advised to consider every decline as a favorable opportunity to enhance their positions until the ETF is officially adopted.
Bitcoin Price Action Ahead
Bitcoin’s upward momentum is facing resistance around the $38,000 mark, but the subsequent declines have been brief and minor, indicating persistent demand from buyers seeking opportunities during price consolidation.
This pattern forms an ascending triangle on the price chart, characterized by a horizontal upper resistance around $37.8K and a rising lower support from shallow pullbacks. The shallower nature of recent declines suggests a growing bullish sentiment, and analysts like Alex Kuptsikevich from FxPro anticipate a potential breakout above $40,000, considering the ascending triangle formation. However, the question remains on how soon can this happen?
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