The applications appear to have boosted the appetite for Bitcoin among whales and institutions.
According to , a blockchain analytics platform, institutional activity appears to be increasing for the largest cryptocurrency by market capitalization. This comes as the number of transactions worth more than $100,000 on the Bitcoin blockchain reaches a new peak in 2023.
Large transactions, or those over $100,000, soared in late June following Blackrock (NYSE:BLK)’s ETF application and have now surpassed that threshold as Bitcoin achieves new yearly highs.
momentarily surpassed $35,000 for the first time since May 2022. BTC has risen approximately 14.44% in the last seven days, recently settling at around $34,253 after hitting new yearly highs of $35,157 but failing to break through that price level.
Not only are cyclical patterns aligning for Bitcoin, but short-term activity is also heating up; yet, the Bitcoin market value to realized value (MVRV) ratio indicates that Bitcoin is not yet as overheated as it was during prior bull markets.
, Bitcoin bull markets have peaked at 300%+ MVRV, which, when compared to the current 150% figure, indicates that the bull market has room to run even farther.
The recent high of $35,000 is the next resistance level for Bitcoin, and if this level is broken, the next point might be around $38,000–$39,000, where 333,000 BTC was purchased.
In the event of a correction, however, support appears to be strong near the $30,000 mark.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
