Bitcoin On Its Way To $32,000 As On-Chain Data Suggests Net Accumulation

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Cryptocurrency bulls took over the market on Monday, with Bitcoin leading the charge, fighting its way through the $30,000 resistance level it was trading below on Sunday. To now head towards $32,000, a price point not seen in 20 days.

Bitcoin rose over 8%, breaking the $31,000 mark driven by global investors as Asian and European equity markets climbed. American markets close for the Memorial Day holiday. The rally in the market traced to a weaker dollar, and an on-chain report from Glassnode. Which suggested that Bitcoin hodlers are now “the only ones left” and they appear to be “doubling down as prices correct below $30K.”

Marcus Sotiriou, an analyst at digital asset broker, GlobalBlock said in a note on Monday, “Bitcoin broke above $30,000. But it needs to hold the $29,300 level on a retest to suggest continuation to the upside. Relief has been long overdue in the crypto market, as the U.S. stock market already rallied last week. After Jerome Powell’s speech that gave the market clarity on their plans to carry out a soft economic landing.”

As previously mentioned, the rally in the market comes on the back of a bump in Asian equities. Which were bullish. As a result of the fact that major Chinese cities have started to ease coronavirus restrictions after months of strict lockdowns.
Traders laid bets that reopening the economy could spark an increase in consumer spending. Which could increase company revenues in the coming weeks and could indicate a bottom for stocks in the region.

-Nairametrics.

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